Eight years after the trough in output following the Global Financial Crisis, the UK economy is slowing down. Demand, output and jobs have been resilient in the two years since the June 2016 Brexit vote – the economy did not “fall off the cliff” as many feared. And the strength of the labour market has been a notable achievement for the Government. But there are now growing signs of a softening in growth in the UK even though the world economy is picking up quite strongly. How much further does the expansion in output have to go before risks of recession emerge once more. In 2018 Britain will be one of the slowest-growing, if not *the* slowest-growing economy in the G20.