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The UK is now the worst-performing advanced economy in the world, with growth slumping to just 0.2 per cent in the first three months of the year.
It means Britain is bottom of the G7 group of advanced economies, while Canada has surged to the top, with an expansion of 0.9 per cent in the period.
After Canada became the last G7 nation to report figures on Wednesday, the UK’s position at the bottom of the list was confirmed.
Before the Brexit vote, just under a year ago, the UK economy was flying high, outgrowing Germany, Japan and the US.
Now Britain is languishing alongside Italy, whose economy also grew at 0.2 per cent in the first quarter of the year.
Behind Canada at the top is Germany with 0.6 per cent growth, followed by Japan with 0.5 per cent, France on 0.4 per cent and the US at 0.3 per cent.
The UK economy had initially held up better than expected in the months since last June’s Brexit vote, as consumer spending remained strong.
However, signs of a deterioration have been gathering as Theresa May readies herself to begin divorce talks with fellow EU leaders.
Inflation jumped unexpectedly to 2.7 per cent for the year in April, thanks to a dramatic slump in the pound which has made imports more expensive.
Business news: In picturesShow all 13 1 /13Business news: In pictures Business news: In pictures Flybe collapses Airline Flybe has collapsed. All future flights on the Exeter-based airline have been cancelled – leaving more than 2,300 staff facing an uncertain future, and wrecking the travel plans of hundreds of thousands of passengers. The chief executive, Mark Anderson, said: “Europe’s largest independent regional airline has been unable to overcome significant funding challenges to its business.
AFP via Getty
Business news: In pictures Future product placement will be 'tailored to individual viewers' Marketing executives say that product placement in films and televison shows on streaming services such as Netflix may be tailored to individuals in future. For instance, if data shows that a viewer is a fan of pepsi, a billboard in the background of a shot would host an advert for pepsi, while for a viewer known to have different tastes it could be for Coca-Cola
Paramount
Business news: In pictures Corbyn wishes Amazon a happy birthday In a card sent to Amazon CEO Jeff Bezos on the company's 25th birthday, Labour leader Jeremy Corbyn writes: "You owe the British people millions in taxes that pay for the public services that we all rely on. Please pay your fair share"
Business news: In pictures No deal, no tariffs The government has announced that it would slash almost all tariffs in the event of a no-deal Brexit. Notable exceptions include cars and meat, which will see tariffs in place to protect British farmers
Getty
Business news: In pictures Fingerprint payment NatWest is trialling a new bank card that will allow people to touch their hand to the card when paying rather than typing in a PIN number. The card will work by recognising the user's fingerprint
NatWest/PA Wire
Business news: In pictures Mahabis bust High-end slipper retailer Mahabis has gone into administration. 2 Jan 2019
Mahabis
Business news: In pictures Costa Cola Coca-Cola has paid £3.9bn for Costa Coffee. A cafe chain is a new venture for the global soft drinks giant
PA
Business news: In pictures RIP Payday Loans A funeral procession for payday loans was held in London on September 2. The future of pay day lenders is in doubt after Wonga, Britain's biggest, went into administration on August 30
PA
Business news: In pictures Musk irks investors and directors Elon Musk has concluded that Tesla will remain public. Investors and company directors were angry at Musk for tweeting unexpectedly that he was considering taking Tesla private and share prices had taken a tumble in the following weeks
Getty
Business news: In pictures Jaguar warning Iconic British car maker Jaguar Land Rover warned on July 5, 2018 that a "bad" Brexit deal could jeopardise planned investment of more than $100 billion, upping corporate pressure as the government heads into crucial talks
AFP/Getty
Business news: In pictures Spotif-IPO Spotify traded publically for the first time on the New York Stock Exchange on Tuesday. However, the company isn't issuing shares, but rather, shares held by Spotify's private investors will be sold
AFP/Getty
Business news: In pictures French blue passports The deadline to award a contract to make blue British passports after Brexit has been extended by two weeks following a request by bidder De La Rue. The move comes after anger at the announcement British passports would be produced by Franco-Dutch firm Gemalto when De La Rue’s contract ends in July. The British firm said Gemalto was chosen only because it undercut the competition, but the UK company also admitted that it was not the cheapest choice in the tendering process.
Business news: In pictures Beast from the east economic impact The Beast from the East wiped £4m off of Flybe’s revenues due to flight cancellations, airport closures and delays, according to the budget airline’s estimates. Flybe said it cancelled 994 flights in the three months to 31 March, compared to 372 in the same period last year.
Price increases are now outpacing wages according to the latest Office for National Statistics data. As a result, shoppers may soon have to rein in the spending that has kept the economy afloat, experts say.
Earlier this month the Bank of England downgraded its growth forecast for 2017 to 1.9 per cent.
By contrast, Canada’s economy is on course to register a 3.7 per cent expansion, according to the country's national statistics agency.
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