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The international monetary fund cut its growth forecast for the UK to 1.6 per cent this year from 1.7 per cent in October and is expected to grow by 1.5 per cent in 2018. Time factor a transaction's expected time is a question worth considering. Although interest rates are expected to rise further next year, savers should not expect higher interest rates from Banks, experts have suggested. He added: "austerity has failed and will only continue to undermine our economy in the brexit negotiations.