The International Monetary Fund has strongly defended its gloomy forecasts for the UK after Brexit, saying pre-referendum warnings of slower growth were coming true. It was one of several economic forecasters to say the UK would suffer a downturn should voters back leaving the EU. Jobs and living standards must be the priority when deciding the best Brexit option for Britain. Brexit offered the opportunity “to reshape the structure of the UK economy”, but the impact of regulatory barriers could harm car manufacturers and the finance industry, the fund said. He added: “Austerity has failed and will only continue to undermine our economy during the Brexit negotiations.”

Source: The Guardian December 20, 2017 12:00 UTC