UK economy: OECD downgrades 2017 GDP forecast by 1%

A closely-watched forecast has slashed its prediction for UK economic growth next year by a full percentage point. The half-year update to its growth projections had UK GDP rising by 1.8% in 2016 - a slight improvement on its last forecast - but growth tumbling to 1% in 2017. The wider report pointed to the world economy floundering this year to levels not seen since the financial crisis, with globalisation grinding to a halt amid a slump in trade.