CBI downgrades forecast for UK economic growth

Employers' organisation reduces forecast for GDP increases in 2016 and 2017 to 2.3% and 2.1% respectively

Britain's leading employers' organisation, the Confederation of British Industry, has warned that the growth prospects for the UK economy have dimmed since George Osborne's autumn statement three months ago.

Cutting its forecasts for both 2016 and 2017, the CBI said a weaker performance at the end of last year coupled with a less rosy outlook for household spending, trade and investment had led to the growth downgrade.