It has been a morning of brutal economic statistics for Britain on the third anniversary of Brexit.
The UK is on course to be the only major economy to shrink this year owing to Jeremy Hunt’s tax raid and higher borrowing costs, according to the International Monetary Fund.
Meanwhile, analysis by Bloomberg Economics shows leaving the bloc is costing the UK economy £100bn a year amid weakening business investment and companies struggling to hire workers.
5 things to start your day
1) Hunt’s tax raid means UK will be only major economy to shrink this year, says IMF | Fund blames prospect of deeper recession on ‘tighter fiscal and monetary policies’
2) Musk to take on PayPal as Twitter prepares to launch online payments. Billionaire is going head to head with his old company PayPal as Twitter gears up to become an online payments business.
3) Britain faces subsidy war with Brussels as it relaxes tax credits for carmakers. Fears prompt calls for Hunt to unveil measures ensuring survival of UK car industry.
