EUROPEAN Union finance chief Pierre Moscovici has blamed Brexit and bad weather for the bloc’s latest gloomy growth figures which show Britain as Europe’s sluggish economy.
The European Commission’s latest doom mongering economic forecast predicts the United Kingdom will be the EU’s slowest growing economy over the next two years.
The powerful Brussels executive’s economists blamed Brexit and Britain’s poor weather and low wages for the miserable forecast, which places the country at the bottom of the pile.
UK GDP growth is predicted to be 1.3 percent in 2018 – only just ahead of Italy and Denmark in the list of the EU’s 28 countries.
But growth is expected to slump to 1.2 percent when the UK leaves the EU in 2019, making it the joint-slowest economy alongside Italy.
The European Commission forecasts then plunges Britain to bottom place as Italy’s economy gazumps the UK with slight signs of growth.
EU predictions then suggest British growth will stagnate at 1.2 percent for 2020, making it Europe’s slowest growing economy.
Unveiling the figures, Mr Moscovici said: “Private consumption growth is forecast to remain weak as real wages grow modestly and households look to maintain savings.
“Heightened uncertainty means that business investment growth is likely to remain constrained.”
Mr Moscovici said: "The pace of UK economic growth this year has been uneven to date, partly due to weather-related effects.”