Britain’s economy will slam into reverse this year and will have the worst performance of the advanced nations, the IMF warns.
UK economy set to have weakest performance of G7: IMF
Britain is the only G7 nation to have suffered a cut to its 2023 economic growth outlook in International Monetary Fund, adding to pressure on finance minister Jeremy Hunt to come up with a growth plan.
Britain’s flagging economy now looks set to shrink by 0.6 per cent this year, a sharp downgrade from previously expected growth of 0.3 per cent in the IMF’s last forecast in October.
All other G7 economies are predicted to grow this year, mostly at a stronger pace than the IMF forecast three months ago.
The IMF said Britain would struggle with a combination of factors including higher taxes announced by Hunt late last year as he tried to restore the confidence of investors after September’s “mini-budget” of former prime minister Liz Truss.