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Subject: EU referendum vote

newt182 24.07.17 - 10:20am
Brexit: IMF downgrades UK's economic growth forecast following weaker-than-expected performance

The International Monetary Fund (IMF) has slashed its growth forecast for the UK, citing a slump in economic performance since last years vote to quit the EU.

In its widely watched World Economic Outlook, the Washington-headquartered organisation said that it now expects the UK economy to grow by 1.7 per cent this year compared to a previous forecast of 2 per cent.

It kept its estimate for 2018 unchanged at 1.5 per cent.

The UK economy initially proved resilient in the aftermath of last Junes referendum, but in recent monthslargely driven by a tumble in the value of the poundinflation has spiked to close to 3 per cent squeezing real wages.

The economy grew by just 0.2 per cent in the first quarter of 2017, making it the slowest-growing advanced economy and representing a marked slowdown from the 0.7 per cent expansion seen in the final three months of 2016. Junes inconclusive general election appeared to dent consumer confidence further.

Last week, proefessional services firm PwC trimmed its forecast for economic expansion, anticipating growth of just 1.5 per cent in 2017 and 1.4 per cent in 2018 from 1.8 per cent growth last year.

And forecasts by the Centre for Economics and Business Research (Cebr) show that the UK economy will grow by just 1.3 per cent in 2017, a substantial downward revision from an earlier forecast of 1.7 per cent. * +

newt182 24.07.17 - 10:20am
Second quarter GDP figures are due later this week.

The Treasury said that Mondays IMF report underscores why it is vitally important for the UK to secure the very best deal on Brexit with EU. Prime Minister Theresa May has previously insisted that no deal is better than a bad deal when Britain quits the bloc.

The IMF downgrade could also add weight to calls from businesses and lobby groups for a transitional agreement after March 2019.

Many of the biggest trade bodies in the UK have expressed deep concerns around Brexit and what it might mean for tariffs, trade and the free movement of people. Scores of firms, especially in the financial sector, have already committed to moving staff or shifting their European headquarters to the continent to ensure that they can provide a seamless service to clients in the aftermath of the split.

Earlier this year, Confederation of British Industry president Paul Drechsler said that Britain would face a Pandoras box of economic consequences if it crashed out of the EU without a new trade deal in place.

[link]http://www.independent.co.uk/news/business/news/uk-economy-latest-imf-downgrades-growth-forecast-brexit-world-economic-outlook-germany-france-spain-a7856356.html[/link] * +

silverjx 24.07.17 - 10:46am
Imf....hmmm where have I heard that? That the one who got every prediction wrong, got the post vote prediction wrong, is in bed with the eu and who's boss got done for fraud? * +

bozzalad 24.07.17 - 12:18pm

@ silverjx - 24.07.17 - 10:46am
Imf....hmmm where have I heard that? That the one who got every prediction wrong, got the post vote prediction wrong, is in bed with the eu and who's boss got done for fraud?

@ bozzalad - 24.07.17 - 12:18pm
that's the one

And reported by the dimdependent......
.hardley impartial * +

bozzalad 24.07.17 - 05:21pm
even less so when you look at who funds em * +

wakeup4 24.07.17 - 05:23pm

@ newt182 - 24.07.17 - 10:20am
Second quarter GDP figures are due later this week.

The Treasury said that Mondays IMF report underscores why it is vitally important for the UK to secure the very best deal on Brexit with EU. Prime Minister Theresa May has previously insisted that no deal is better than a bad deal when Britain quits the bloc.

The IMF downgrade could also add weight to calls from businesses and lobby groups for a transitional agreement after March 2019.

Many of the biggest trade bodies in the UK have expressed deep concerns around Brexit and what it might mean for tariffs, trade and the free movement of people. Scores of firms, especially in the financial sector, have already committed to moving staff or shifting their European headquarters to the continent to ensure that they can provide a seamless service to clients in the aftermath of the split.

Earlier this year, Confederation of British Industry president Paul Drechsler said that Britain would face a Pandoras box of economic consequences if it crashed out of the EU without a new trade deal in place.

[link]http://www.independent.co.uk/news/business/news/uk-economy-latest-imf-downgrades-growth-forecast-brexit-world-economic-outlook-germany-france-spain-a7856356.html[/link]