UK growth to slow rapidly amid ‘worrying signs’

Growth in the UK economy will slow as the delayed effects of Brexit hit British consumers hard, Goodbody Stockbrokers chief economist Dermot O’Leary has warned.

In a report called “Fork in the road”, the broker projects UK GDP will grow 1.5% this year, and then slow rapidly “with a below consensus forecast of 0.9% in 2018”.

“There are worrying signs for the UK consumer,” Mr O’Leray said. “Rising inflation, to 3%, is expected to make a meaningful dent in real disposable incomes, while the savings ratio is already at all-time lows.