United Kingdom: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom

February 13, 2018

Preview Citation

Format: Chicago

United Kingdom: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom, (USA: International Monetary Fund, 2018) accessed November 5, 2024

Summary

This 2017 Article IV Consultation highlights that the economic growth in the United Kingdom has moderated since the beginning of 2017, reflecting weakening domestic demand. The sharp depreciation of sterling following the referendum has raised consumer price inflation, squeezing household real income and consumption. Business investment has been constrained. In the medium term, growth is projected to remain at about 1.5 percent under the baseline assumption of continued progress in Brexit negotiations that lead to an understanding on a broad free trade agreement and on the transition process. The baseline outlook is subject to a number of risks, including developments with Brexit negotiations; uncertainty about the recovery of productivity growth; and the current account deficit.

Subject: Banking, Expenditure, Income, Inflation, National accounts, Prices, Production, Productivity, Public debt

Keywords: BoE's website, CR, EU exit, EU exit negotiations, Global, Government, IMF staff estimate, Income, Inflation, ISCR, Productivity, UK banking system, UK CCyB rate, UK's productivity challenge

Publication Details

Pages:

81
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/042
Stock No:

1GBREA2018001
ISBN:

9781484341704
ISSN:

1934-7685

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