Mubasher: The United Kingdom is now in the process of negotiating its withdrawal from the European Union (EU), from which it is set to exit on 29 March 2019.

Once an agreement is reached, there will be an implementation period through the end of 2020.

Complex issues still remain to be resolved, including the future status of the land border with Ireland. Growth over the past year has been moderate, according to a recent report by the International Monetary Fund (IMF).

The post-referendum depreciation caused an increase in inflation, depressing private consumption, while business investment growth has been constrained by protracted uncertainty about the future trade regime and potential increases in trading costs.

Nonetheless, slack in the economy is limited as weaker demand is matched by slower supply growth.

The IMF expects growth to continue at a moderate pace, conditional on a smooth Brexit transition and some recovery in labor productivity.