UK growth prospects downgraded due to Brexit drag
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. ■