The World Bank has revised downwards its 2017 growth forecast for the UK.

The Washington-based group now estimates that the UK economy will grow by 1.2% this year and 1.3% in 2018 — a revision from its previous estimates of 2.1% for both years.

This mirrors similar revisions by the International Monetary Fund and the Organisation for Economic Co-operation and Development.

The Bank of England currently expects growth of 1.4% in 2017, followed by 1.5% in 2018.

The Office for Budget Responsibility (the Treasury’s official forecaster) has projected growth of 1.4% in 2017 and 1.7% in 2018.