By  on January 3, 2017

LONDON — Britain is buckling up for one wild ride this year, with the Brexit process expected to begin by the end of the March and economic growth set to slow to 1 percent, compared with 2 percent in 2016. Inflation will accelerate due to the pound's collapse in 2016 against the dollar and euro, although household incomes are unlikely to rise.

The weak pound — a boon for foreign shoppers, a headache for British manufacturers and retailers — is likely to claw back some ground against the dollar by late next year. The big banks, meanwhile, expect consumption — and investment — to slow as Prime Minister Theresa May's government begins negotiations to extract Britain from the European Union — on the best trading terms possible.

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