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    UK Economy Grows 0.6% in Q2 With 20-Year High Quarterly Industrial Output

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    Philip Hammond, the UK finance minister said that British nation saw the strongest quarterly rise in industrial production for nearly twenty years between April and June, when Brits voted to leave the European Union in a historic referendum.

    MOSCOW (Sputnik) — Britain’s economy grew by 0.6 percent in the second quarter of 2016, making a huge industrial production leap just before Brexit, the UK finance minister said Wednesday.

    "Today’s GDP figures show that the fundamentals of the British economy are strong. In the second quarter of this year our economy grew by 0.6% – faster than was expected," the Treasury quoted Chancellor Philip Hammond as saying.

    Hammond said the nation saw the strongest quarterly rise in industrial production for nearly twenty years between April and June, when Brits voted to leave the European Union in a historic referendum.

    "So it is clear we enter our negotiations to leave the EU from a position of economic strength," Hammond maintained. "Those negotiations will signal the beginning of a period of adjustment, but I am confident we have the tools to manage the challenges ahead."

    Hammond vowed that the Conservative government will take whatever action is necessary to support the economy and remain "open for business."

    Britain’s economy grew by 0.4 percent in the first quarter of this year, from January through March, according to Financial Times magazine, and was forecast to average 0.5 percent of GDP growth in the next quarter.

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    Brexit, economic growth, Philip Hammond, United Kingdom
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