Confederation of British Industry lowers 2018 growth forecast citing Brexit and heavy snowfall
The UK's largest employers organisation has cut down its growth forecast for the British economy citing Brexit fears.
The Confederation of British Industry (CBI) said it expected growth for 2018 to drop 1.4% from 1.8% last year. CBI also cited the heavy snowfall in early 2018 as a reason for the slowdown.
Britain has the world's fifth largest economy but has gone from being the G7's fastest growing economy in 2016 to its slowest last year. The trend seems set to continue as projected growth for the euro bloc is 2.2 percent and 2.5 percent for the United States.
The CBI had warned before the June 2016 vote that the UK economy would suffer if it decided to leave the European Union.
With Brexit looming in 2019 it doesn't look like the situation will get any better as the CBI predicts another drop in growth in 2019 to 1.3%.