The International Monetary Fund (IMF) has slashed the UK's growth forecasts for 2013 and 2014 and warned that the private sector is being hampered by a lack of credit and economic uncertainty.
The IMF cut this year's forecast growth from one percent to 0.7 percent, while cutting the projection for 2014 from 1.9 percent to 1.5 percent.
The body noted that the UK's financial recovery was "progressing slowly".
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The announcement is part of a £500 million cost-cutting drive which will take place over three years.
A chilly north for the glens of northern Scotland and the Highlands but otherwise a frost free and generally mild night.
The former US president has suggested some of those who voted for Brexit may only now be realising the impact of their decision