The International Monetary Fund has downgraded the UK’s growth forecast, with its managing director Christine Lagarde blaming Brexit for the financial gloom.

The IMF made clear that the Brexit vote is weighing down the UK’s economy, insisting “despite a strong recovery in global growth and supportive macroeconomic policies, the impact of the decision to exit the European Union has weighed down on private domestic demand”.

The Washington-based fund is predicting the UK’s growth slowed in 2017 to 1.6 per cent in 2017, from 1.8 per cent in 2016. It is expected to slow further in the 2018 to 1.5 per cent.

Speaking at a press conference, Ms Lagarde said: “In this country, the United Kingdom, since the start of this year growth has slowed nominally.

Read more