IMF predicts UK to be the slowest-growing G7 economy in 2023

The IMF - not always correct - has identified that the UK economy is going to be the slowest growing of all G7 economies in 2023, cutting its previous 1.2% forecast to 0.5%.

However, the overall forecast for the global economy is increasingly pessimistic, with global growth forecast for 2022 to be 3.2% and an increased risk of a global recession.

The latest CBI survey of Industrial Trends suggests only one direction of travel - a slowing of the UK economy - as supply bottlenecks, cost pressures and slowing consumer demand all play their part.

The latest retail sales figures don't make for happy reading - consumers have cut back on spending on fuel and clothing - even though the overall trend is marginally upwards.

However, the broad picture is still one of extreme uncertainty and some see retail sales as weakening.