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UK now the worst-performing advanced economy in the world after post-Brexit vote slump UK now the worst-performing advanced economy in the world after post-Brexit vote slump
(about 2 hours later)
The UK is now the worst-performing advanced economy in the world.The UK is now the worst-performing advanced economy in the world.
Growth slumped to 0.2 per cent in the first three months of the year, bottom of the G7 group of advanced economies. Canada surged to the top with an expansion of 0.9 per cent in the period.Growth slumped to 0.2 per cent in the first three months of the year, bottom of the G7 group of advanced economies. Canada 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.After Canada became the last G7 nation to report figures on Wednesday, the UK’s position at the bottom of the list was confirmed.
Just a year ago, prior to the Brexit vote, the UK economy was flying high, outgrowing Germany, Japan and the US.Just a year ago, prior to the Brexit vote, 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.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. 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 has held up better than expected in the months since last June’s Brexit vote as consumer spending has remained strong. 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.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 after the referendum result which has made imports more expensive. 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.
Prices outpaced wage increases 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. 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 said growth for 2017 would come in at 1.9 per cent, up marginally from 1.8 per cent last year. 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, the country's national statistics agency said on Wednesday.  By contrast, Canada’s economy is on course to register a 3.7 per cent expansion, according to the country's national statistics agency.