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Pound down on IMF downgrade.

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The British pound came under pressure today after the international monetary fund slashed growth forecasts for the UK in the wake of the Brexit vote.

At 5.16pm (GMT) the pound was trading at US$1.31.22c down from US$1.3225c in yesterday’s trading.

Although the British economy started the year on a good note the decision to leave the European union has thrown the country into chaos forcing the IMF to downgrade there projections,

  “The first half of 2016 revealed some promising signs – for example, stronger than expected growth in the euro area and Japan, as well as a partial recovery in commodity prices that helped several emerging and developing economies”  noted Maury Obstfeld, the IMF’s economic counsellor.

“As of 22 June, we were therefore prepared to upgrade our 2016-17 global growth projections slightly but Brexit has thrown a spanner in the works “she added.

The IMF cuts its growth forecast for the UK to 1.3% for 2017, down from its earlier prediction of 2.2%, while the forecast for this year was cut from 1.9% to 1.7%.

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