Newspaper article The Evening Standard (London, England)

BREXIT BRITAIN IN THE SLOW LANE; UK Growth Set to Fall Behind Italy's -- as Germany and France Power aheadHighest Price Rise in Shops for More Than 25 Years

Newspaper article The Evening Standard (London, England)

BREXIT BRITAIN IN THE SLOW LANE; UK Growth Set to Fall Behind Italy's -- as Germany and France Power aheadHighest Price Rise in Shops for More Than 25 Years

Article excerpt

Byline: Nicholas Cecil, Kate Proctor and Sarah Collins in Brussels

BREXIT-HIT Britain is moving into the economic slow lane, falling behind even Italy, according to an authoritative new report today.

The UK's economy will limp ahead by one per cent next year, predicted the Organisation for Economic Co-operation and Development, down from 1.8 per cent in 2016.

This would be the most sluggish growth of the G7 group of major economies, which include the US, Japan, Germany, France, Italy and Canada. Even Italy -- in the grip of a banking crisis, blighted by high youth unemployment and dogged by a chaotic political system -- is now forecast to grow more strongly than Britain.

OECD chief economist Catherine Mann said: "Brexit will represent a serious shock."

The grim report came as: A new Ipsos MORI poll for the Standard showed that 52 per cent of people in the UK expect economic conditions to get worse over the next year. Only 21 per cent believe they will improve.

European agriculture commissioner Phil Hogan took a swipe at Boris Johnson, branding the Foreign Secretary Continued on Page 2 EU CHIEF BLASTS 'DIMINISHED' BORIS BRUSSELS CORRESPONDENT SARAH COLLINS: EXCLUSIVE PAGE 2 Continued from Page 1 |"completely out of the loop" on Brexit and a "diminished figure" in the Government.

Official figures showed store prices rising sharply last month, with non-food stores and non-store retailing recording their highest year-on-year price growth for more than a quarter of a century, at 3.2 and 3.3 per cent respectively. With inflation at 2.9 per cent, outstripping many wage rises, millions of households are being hit by the longest squeeze on living standards for three years.

Sterling rose following better-thanexpected volume retail figures. The quantity bought in the retail sales industry rose by 2.4 per cent compared with a year ago, the 52nd consecutive month of year-on-year growth. Economists say the retail sales figures may well have been boosted by the slump in the pound following last year's Brexit vote, leading to more Britons holiday-|ing in the UK this summer and more foreign tourists. …

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