Commenting on latest economic data, Liberal Democrat Shadow Chancellor, Vince Cable, said:
“Today is yet another sign of the Brexit squeeze. Growth has slowed to a crawl, production output is turning downwards, and our economy has not been in a more worrying state since the aftermath of the 2008 financial crash.
“Consumer debt drove a short-term boost in the wake of the Brexit vote, but it is now clear that this is rapidly running out of steam.
“Despite the Conservatives claims that they are turning Britain into a global trading nation, the reality is that our exports to EU are up, but down with the rest of the world. The Conservative plan to drag us out of the Single Market and Customs Union is now even more reckless than ever.
“The Liberal Democrats are the only party able form a strong opposition to Theresa May’s damaging approach to the Brexit deal.”
Notes to editors:
Today’s ONS figures show that:
Total UK economic growth was revised downwards from an initial estimate of 0.3% to just 0.1%.
Total Production fell 0.5% in March 2017 compared with the month previously.
Construction output fell 0.7% in March 2017 compared to the previous month.
The UK Trade Deficit grew in Q1 2017 by £5.7 billion due in large part to a 3.3% rise in import values.
Exports to the EU increased by 5.7% in Q1 while non-EU exports fell by 3.8% in the same period