The European Union is downgrading its forecasts for the British economy in the wake of the Brexit vote but paints a more optimistic picture for the bloc as a whole.
In its Winter Economic Forecast, the EU says that for Britain, "economic growth is projected to moderate in 2017 and weaken further in 2018," largely coinciding with the period during which the UK is to negotiate its divorce terms with the 27 other EU nations.
While British economic growth is forecast to slump from 3.1 per cent in 2014 to a projected 1.2 per cent next year, EU growth is expected to go the other way, from 1.6 per cent in 2014 to 1.8 per cent in 2018.
The report said the unclear intentions of US President Donald Trump heightened uncertainty.
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