The European commission has cut its growth forecasts for the UK and Europe this year, blaming the threat of a trade war with the US, which it warned would produce “no winners, only casualties”. Britain will slump to the bottom of the EU league table for growth in 2018, the commission said, as it is “particularly exposed” to an escalation of trade tensions and while Brexit uncertainty persists. Growth in the EU is now expected to be 2.1% in 2018, compared with 2.3% in the commission’s spring forecast and 2.4% in 2017. Its forecast for growth in 2019 was unchanged at 2%. Explaining the weaker outlook for growth this ... (full story)