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UK growth prospects downgraded due to Brexit drag

Staff Writer |
Economists have downgraded Britain's growth prospects in the wake of political uncertainty following the general election and as a prolonged Brexit drag on business investment looms.

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New forecasts by the Centre for Economics & Business Research show that the UK economy will grow by just 1.3% in 2017, a substantial downward revision from an earlier forecast of 1.7%.

The forecast for 2018 has also been revised down to 1.2% from 1.6% in the face of "newly created political uncertainty", lower business investment because of Brexit and weaker consumer spending.

If borne out, this would make 2018 the year with the slowest GDP growth since 2009, the height of the financial crisis.

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