IMF cuts UK 2014 growth reading

The International Monetary Fund (IMF) today sharply marked down its reading of UK growth for 2014 and also slashed its forecasts for global growth this year and next amid a mixed effect from falling oil prices.

Its latest World Economic Outlook update estimated that gross domestic product (GDP) in Britain grew by 2.6% in 2014 compared to a previous forecast of 3.2%.