The International Monetary Fund has lowered its forecast for economic growth in Britain this year. In an update of its assessment of the World Economic Outlook, the IMF now predicts growth in the UK this year of 1.7 per cent, down from their previous forecast of 2 per cent.
Maurice Obstfeld, chief economist at the IMF, says their projections are based on an "optimistic assessment" of how the Brexit negotiations will turn out and if both sides fail to collaborate it could mean a further decrease in economic growth for Britain.
Professor Ngaire Woods, Dean of the Blavatnik School of Government at Oxford University, says businesses are starting to realise they need an "evacuation plan" after Brexit and Gerard Lyons, chief economist strategist at Netwealth Investments, says he is "tired of the constant negative rhetoric" from places such as the IMF.
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