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Britain crashes out of world's top 5 economies
Britain has officially abandoned its claim to be the world's fifth largest economy. Treasury chief Philip Hammond acknowledged the slide on Wednesday, noting the new ranking in a series of statements meant to highlight the economy's strength. "Britain is the world's sixth largest economy," Hammond said in his closely-watched budget speech. While there are several ways to measure the size of an economy, the U.K. Treasury pointed to GDP forecasts published by the International Monetary Fund in October to back up his statement. The numbers show that France will narrowly squeak ahead of Britain in the group's 2017 ... (full story)