Britain the only G7 economy set for recession in 2023, IMF warns

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View online January 31, 2023 1 / IMF warns UK economy is set for sharp contraction in 'weakest performance among G7' Britain's economy will slam into reverse this year as the cost-of-living crisis hits households hard and will see the worst performance of all the advanced nations, the International Monetary Fund (IMF) has warned.   In its latest World Economic Outlook update, the IMF downgraded its UK gross domestic product (GDP) forecast once again, predicting a contraction of 0.6 per cent against the 0.3 per cent growth pencilled in last October as Britain looks set to suffer more than most from soaring inflation and higher interest rates.   But it nudged up its outlook for UK growth in 2024 to 0.9 per cent, up from the 0.6 per cent expansion previously forecast.   The grim outlook for the year ahead puts the UK far behind its counterparts in the G7 group of advanced nations and the only country – across advanced and emerging economies – expected by the IMF to suffer a year of declining GDP. 2 / France open to sending fighter jets to Ukraine but Biden rules out similar move Bristol West found to be constituency most regretful of the referendum result 3 / Labour demands Rishi Sunak reveals non-dom tax status costs after Zahawi scandal Opposition sets deadline for government to reveal how much 'unfair' tax status is costing Exchequer 4 / Footballer who went to hospital with flu symptoms has legs amputated days before 21st birthday 21-year Levi Dewey's conditioned deteriorated rapidly after catching a form of flu 5 / British army 'no longer able to defend UK and its allies, US general warns' Rishi Sunak aware of 'urgent need' to hike spending on army, says Tory defence minister The Big Question Which areas of UK have the most and least regrets about Brexit? The constituencies that most strongly voted for or against Brexit are still entrenched in their views almost seven years on despite the national mood shifting, research has suggested. Bristol West, a survey has found, is the constituency where most voters have expressed regret at the UK leaving the European Union – having had one of the highest Remain vote shares of 79.3 per cent in 2016. Pollster UnHerd Britain found that 69 per cent of constituents in Bristol West agreed with the statement 'Britain was wrong to leave the European Union', with 50 per cent 'strongly agreeing' and 19 per cent 'mildly agreeing'. This was far higher than the national average - which saw 37 per cent strongly agree and 17 per cent mildly agree. Edinburgh South, Streatham, Manchester (Witherington) and Islington North - where Jeremy Corbyn is MP - were the other constituencies in the top five, having all seen high Remain votes in 2016. Meanwhile, Boston and Skegness, which saw 75.6 per cent of votes in the referendum in favour of Brexit – the UK's highest – saw the least amount of regret among constituents. For the full story click here > Enjoying this newsletter? Unlock unlimited, ad-free reading on the website and in The Independent app when you subscribe – plus, benefit from our welcome offer when you join today. Watch/ Activists disrupt House of Lords debate on controversial protest law NUMBER OF THE DAY £62,000 – The winner of an intense online bidding war over an original Mr Blobby costume has reportedly backed out of their £62,000 purchase – less than an hour after placing the victorious bid. Read more here  QUOTE OF THE DAY "Training targets are routinely missed, year on year. This is having consequences for learning, with disruption every day to children's education." – Mary Bousted and Kevin Courtney, joint NEU general secretaries, have said the education secretary Gillian Keegan has "squandered an opportunity" to avoid teacher strikes which will go ahead on Wednesday,    Read more here  We noticed that you might not be registered By registering, you will enjoy limited access to Independent Premium articles, commenting, and virtual events with our leading journalists REGISTER FOR FREE Other stories you might like Labour attacks 'cosy relationships' as head of BBC chair probe stands down Two arrested on suspicion of murdering woman gunned down in back garden Millionaire faces prison again for building 'Britain's best man cave' with bowling alley and casino Articles available exclusively to subscribers Marie Le Conte - The number of women inside No 10 could be very bad news for Rishi Sunak Other newsletters you might like The Race Report Fortnightly, 7am (UK time) Written by Nadine White Sign up Inside Politics Weekdays, 8am (UK time) Written by Matt Mathers Sign up If you can spare a minute we'd love your feedback on our newsletters. 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