UK economy to perform worse than Russia

Surging borrowing costs and rising taxes have prompted a sharp growth downgrade Britain will have the worst economic performance among major industrialized nations, according to the International Monetary Fund. The UK is expected to become the only G7 member to face a recession this year, even falling behind the Russian economy, the IMF said in its World Economic Outlook update published on Tuesday. In the latest report, the IMF sharply downgraded its forecast once again, predicting the UK economy to contract by 0.6% against the 0.3% growth expected last October. That makes Britain’s outlook even worse than sancti

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