The latest figures from the International Monetary Fund (IMF) confirm that leaving the EU “has drained the life out of the British economy”.

The urgency of the problem has been highlighted in the latest IMF projections.

According to the IMF, the UK only grew 0.1 per cent in 2023, and will only grow by 0.7 per cent by the end of this year. While growth is set to double next year, it will still only hit 1.5 per cent.

The figures put the UK behind the average for advanced economies which are set to grow by 1.8 per cent, while the worldwide average will be 3.2 per cent.

Germany is set to be the highest performer in the Euro area, with growth of 1.7 per cent.

Critics say that the UK’s continued sluggish performance is proof that Brexit continues to hold the economy back.

Dr Mike Galsworthy, chair of European Movement UK, said: “The IMF projections for the UK make for grim reading, and should concern us all.

“Most of us have felt the effects of a badly performing economy over the past few years, impacting our weekly shopping, work opportunities, public services, and quality of life.

Cutting off our relationship with the EU has simply drained the life out of the country. Fortunately, none of this is irreversible, and it’s now time for realistic appraisals under a new government which recognises that we urgently need a new, grown-up relationship with the European Union.

The IMF report, entitled The Global Economy in a Sticky Spot, blames the aftermath of dealing with inflationary pressures and continued war in Ukraine and the Middle East for its gloomy prognosis.

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