Warnings that Britain may slip into recession

Britain’s economy may slip into recession next year following the vote to quit the EU.

That is according to the European Commission in its first assessment of the economic impact of Brexit. The IMF, meanwhile, has cut global growth projections following Britain’s decision to leave the EU.

Last week economic affairs commissioner Pierre Moscovici said the cumulative negative impact for UK GDP would be between 1% and 2.5% by 2017.