The pound is getting smashed

The pound is diving against the dollar, euro, and yen on Tuesday after the International Monetary Fund (IMF) said Britain’s decision to leave the European Union had thrown “a spanner in the works” for its economy.

Here are the scoreboards as of 3.55 p.m. BST (10.55 a.m. ET):

The IMF announced on Tuesday afternoon it is shaving off 0.9 percentage points from its previous economic forecast for the UK, estimating growth of 1.3% in 2017.

This year the UK will grow by 1.7%, the IMF said, down 0.2 points on its previous assessment made in April.

Maury Obstfeld, the IMF’s economic counsellor, said: “As of 22 June, we were therefore prepared to upgrade our 2016-17 global growth projections slightly. But Brexit has thrown a spanner in the works. The organisation cut 0.1 percentage points from its 2016 and 2017 global growth forecasts of 3.1% and 3.4% respectively.”

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