UK falls out of world's top 5 economies
“Britain is the world's sixth largest economy,” Hammond said in his budget speech to parliament.
The latest numbers, published by the International Monetary Fund, reveal that France will slip ahead of the UK in this year's ranking of global economies with the gap between the two projected to get significantly wider in 2018.
The rating is based on GDP forecasts, with the IMF saying France had outpaced Britain for the first time since 2013.
The US, China, and Japan have been ranked the top three in the IMF 2017 rating with Germany and France in fourth and fifth spots. India follows Britain, which is now number six. The UK may drop further, as India is expected to top both Britain and France in 2019.
Britain's downgrade is reportedly triggered by slowing consumer spending, spiking prices and a dramatically weaker national currency, which followed the country’s decision to quit the European Union. ■