IMF downgrades UK growth forecast

Added On November 15, 2017

The International Monetary Fund has downgraded its forecast for GDP growth in Britain to 1.7 percent for this year.
The 0.3 percentage point reduction marks Britain out from the rest of Europe, which had its growth forecast revised up last month.
The IMF said there are a number of reasons for why the British economy had slowed - chief among them: Brexit.
The IMF said the decision to quit the EU had sparked uncertainty, which was now weighing on the British economy.
It said: "Now the impact seems to come through. Consumption and investment are weaker than we expected."
However, the EU is the UK's largest trading partner with around 43 percent of British exports heading there. With stronger growth on the continent, the IMF said the Britain can expect a boost too.