UK's growth forecasts slashed by IMF

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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UK growth forecast cut by IMF

The UK's growth forecasts for this year and next have been slashed by the International Monetary Fund. It says the private sector is being hampered by a lack of credit and economic uncertainty.