Doughty – “Brexit means Britain is stuck in the economic slow lane”

The IMF today (22 January) updated their World Economic Outlook – cutting projected growth for the UK in 2019 by 0.1% (no change for 2018) while increasing global growth forecasts for the world’s advanced economies for 2018 by 0.3% for 2018 and 0.4% for 2019.

Stephen Doughty MP, leading supporter of the Open Britain campaign, said:

“Having seen our economy go from being the fastest growing in the G7 before the referendum to among the slowest today, Brexit means Britain is well and truly stuck in the slow lane. As the global economy picks up speed, we are hugging the hard shoulder. 

"The Brexit squeeze is hurting ordinary families and the IMF are predicting it will last through 2018 and 2019, and have even cut their growth forecast for next year by 0.1%. Lost growth means lost jobs, lost money for the NHS and lost opportunities for the future.

"Our economy could get a much needed shot-in-the-arm if the government abandoned its policy of delivering a hard Brexit and instead committed to long-term membership of the Single Market and Customs Union."

/ends

Notes to editors

The IMF’s World Economic Outlook can be accessed here: http://www.imf.org/en/Publications/WEO/Issues/2018/01/11/world-economic-outlook-update-january-2018