Europe

EU says British growth to almost halve next year amid Brexit

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.

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 percent for this year, to just 1 percent next year, before slightly picking up to 1.2 percent 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."