(MENAFN) The IMF said that reducing its UK economic growth forecast was because of Brexit uncertainty, as it growth of 1.6% this year, slightly lower from its previous forecast of 1.7%, while it expects growth to slow even more in 2018 to 1.5%.

According to IMF chief, uncertainty over the Brexit deal was leading UK companies to delay investment plans.

She also said that increasing inflation, led by the fall in the pound, and inactive wages were pressuring spending power.

She added "the UK is losing out as a result of higher inflation, pressure on wages and incomes and delayed investment".

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