For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Britain's economy will have the worst performance of all G7 economies even sinking below Russia . In its latest update, the International Monetary Fund ( IMF ) downgraded its UK forecast once again, predicting a contraction of 0.6 per cent against the 0.3 per cent growth pencilled in last October. The grim outlook for the year ahead puts the UK far behind counterparts in the G7 and the only country – across advanced and emerging economies – expected to suffer a year of declining GDP. The IMF forecast leaves the UK economy languishing behind Germany and even sanctions-hit Russia, with both countries expected to see modest growth this year. Since Russia began its "special military operation" in Ukraine it has been the subject of tranches of sanctions from the West. In the UK alone, sanctions against Russia topped £18bn for the first time as financial restrictions on Kremlin banks and oligarchs have been tightened. The expectation of recession for the UK comes against a backdrop of public sector strikes over pay and inflation… Read full this story
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