IMF slashes UK growth forecasts

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

The body cut this year's forecast growth from 1% to 0.7% and 2014's projection from 1.9% to 1.5% as it noted the recovery was "progressing slowly".
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