The European Commission has been forced to scrap its gloomy UK growth forecast and revise up its estimates despite the Leave vote. City AM reports Brussels bureaucrats begrudgingly upped their prediction for 2017 UK GDP growth to 1.5% from a 1% forecast made last November. At the time EU pen-pushers said:

“Risks to the forecast have risen in recent months and are clearly tilted to the downside, including as a result of the UK ‘leave’ vote, which has raised uncertainty and can be seen as an indicator of heightened policy risks in the current volatile political environment.”

In Brussels they are eating their words…