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Britain’s economy would face a “significantly worse” outlook if the country leaves the European Union next year without a deal than if it reaches a Brexit agreement, the International Monetary Fund said this morning.

The IMF said it expected Britain’s economy would grow by about 1.5 percent a year in 2018 and 2019 if a broad Brexit agreement was struck.

Britain is due to leave the EU in March next year, but London and Brussels have yet to strike a deal to secure a transition period. Prime Minister Theresa May is hoping to make progress towards a deal when she meets fellow EU leaders this week.

Britain’s economy — the world’s fifth-biggest — slowed after the 2016 referendum decision to leave the EU and it continues to be outpaced by most other rich nations.

However, stronger-than-expected data last week showed the economy had its fastest growth in nearly a year, helped by the World Cup and hot summer weather.

Main UK data this week is Wednesday we have the Inflation data followed by Retail Sales Data on Thursday morning.

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