Britain’s economy will be among the hardest hit by the global trade war and inflation is set to climb, the International Monetary Fund (IMF) has warned – as it slashed its UK growth forecast by a third.
The IMF said it was grappling with "extremely high levels of policy uncertainty" – and the global economy would slow even if countries manage to negotiate a permanent reduction in US tariffs.
The organisation cautioned that stock markets could fall even more sharply than in the aftermath of Donald Trump’s "Liberation Day", when US and UK indices recorded some of their largest one-day falls since the pandemic.
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