British growth to almost halve next year amid Brexit: EU

The European Union says that economic growth in Britain is set to "almost halve" next year because of the impact of the June referendum vote to leave the 28-nation bloc, reports AP.

In Wednesday`s publication of the Autumn forecasts, the EU said that GDP growth in Britain is set to fall from a projected 1.9 per cent for this year, to just one per cent next year, before slightly picking up to 1.2 per cent in 2018.

The bi-annual report says that it reflects the "impact of heightened uncertainty following the referendum and its impact on business confidence."

The report also said that the 19-nation eurozone "seems to have shrugged off the result, but the sharp increase in policy uncertainty associated with it is expected to persist."