31 Jan 2023

UK economy to do ‘worse than Russia’, warns IMF on Brexit anniversary

Policy Correspondent

The UK is on course to be the world’s worst-performing major economy this year, according to updated predictions from the International Monetary Fund – which puts at least part of the blame on higher taxes and interest rates.

Others point to Brexit as a factor, on the third anniversary of Britain’s departure.

If the IMF is correct, it means the UK would be the only G7 nation to see its economy shrink in 2023. The government says the UK has consistently outperformed recent forecasts.