Brexit Round-Up: Brexit Process To Begin Early 2017, Says Johnson 

Johnson Says Article 50 To Be Invoked In Early 2017

Foreign secretary Boris Johnson has said that the government is likely to trigger article 50 and begin the process of the UK leaving the EU in early 2017.

Talking at the United Nations in New York, Johnson said:

“Talking to our European friends and partners now in the expectation that by the early part of next year you will see an article 50 letter.

“We will invoke that, and in that letter I’m sure we will be setting out some parameters for how we propose to take this forward – principles.”

ONS: No Impact On Economy From Brexit

There has been little impact of the Brexit vote on the economy, according to the Office for National Statistics (ONS).

While sterling fell by 9.5% the price of material and fuel increased in July and August. House prices also continued to grow.

Manufacturing saw a small fall of 0.9%, the country’s goods deficit narrowed by £1.2 billion while spending in shops and online grew by 1.9%.

Joe Grice, ONS chief economist, said:

“As the available information grows, the referendum result appears, so far, not to have had a major effect on the UK economy. So far it hasn’t fallen at the first fence but longer-term effects remain to be seen.”

OECD Revises Growth Forecast

The OECD has revised its growth forecast as a result of the EU referendum vote. 

The institute has projected the economy will grow by 2.9% in 2016 and by 3.2% in 2017. 

Following slow growth, the UK is expected to grow by 1.8% in 2016 and 1% in 2017, lower than in recent years.

Government Borrowing At £10.5 Billion

Government borrowing was higher than expected in August.

Borrowing reached £10.5 billion, £900 lower than the same month in 2015. This also helped reduced the deficit from April to August to £33.8 billion, £4.9 billion lower that at the same time last year.