August 9, 2019 / 11:01 AM / 11 days ago

Javid not expecting recession 'at all' after GDP drops

FILE PHOTO: Britain's Chancellor of the Exchequer Sajid Javid is seen outside Downing Street, in London, Britain July 26, 2019. REUTERS/Peter Nicholls

LONDON (Reuters) - Britain’s new finance minister, Sajid Javid, said he did not think Britain’s economy would fall into a full-blown recession, after official figures showed the economy contracted for the first time since 2012 during the three months to June.

“I’m not expecting a recession at all,” Javid told the BBC. “There is not a single leading forecaster out there that is expecting a recession.”

Javid said the figures “were not a surprise in any way” and represented volatility in the run-up to Brexit, which would be resolved by leaving the European Union on Oct. 31.

Reporting by David Milliken, editing by Andy Bruce

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