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UK hit with big IMF growth downgrade as Iran war fuels inflation
Britain suffered the sharpest cut to economic growth forecasts for large rich economies by the International Monetary Fund on Tuesday, reflecting the country's costly exposure to the inflationary impact of the Iran war. As finance minister Rachel Reeves, who was due to arrive in Washington for the Fund's Spring Meetings, said on Tuesday it was a "folly" for the U.S. to have no clear exit plan for the conflict, the IMF said Britain's economy was now on course to grow by 0.8% in 2026, down from a previous projection of 1.3%. [...]