The UK is on track to be the worst-performing G7 economy this year – despite an upgrade from the International Monetary Fund.
Output is expected to contract by 0.3 per cent this year before rebounding to grow by 1 per cent next year, economists working for the body said.
It puts the UK firmly at the bottom in the G7 group of advanced economies this year. The only other economy that the IMF expects to decline is Germany’s, which is expected to contract by 0.1 per cent.
Commenting on the projected economic performance, Layla Moran, Lib Dem MP and member of the UK Trade and Business Commission said:
“This isn’t rocket science. The UK is the only developed economy with the added pressures of Brexit where businesses face extra costs, mountains of new red tape and amplified labour shortages.
“Our economy will continue to underperform until this incompetent Conservative government owns up to and fixes the issues caused by their botched Brexit deal.”
Appearing on TalkTV, economist Danny Blanchflower concurred with Moran’s conclusions.
He said Brexit has been an unmitigated disaster, saying the jury is in, the fat lady has sung, there is no debate anymore.
Watch the clip in full below: