Uncertainty is still elevated in the UK as we are approaching the October 31 deadline and the probability of a no-deal Brexit stands at 30-35% (according to a pool of sell-side institutions). We added in the appendix a great chart from Statista that summarizes the differential outcomes. It is important to note that the most likely venue for an agreement on an orderly Brexit will happen during the EU summit taking place in Brussels on October 17-18.
Lower consumption growth and high uncertainty impacting business investment have constantly lowered growth projections in the UK, which