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UK's Osborne says Brexit threat weighing on economic growth

[LONDON] British finance minister George Osborne said on Wednesday that the risk of Britain quitting the European Union was weighing on the economy, after official figures showed growth slowed in the first three months of 2016.

"It's good news that Britain continues to grow, but there are warnings today that the threat of leaving the EU is weighing on our economy," Mr Osborne said in a statement.

"Investments and building are being delayed, and another group of international experts, the OECD, confirms British families would be worse off if we leave the EU," he added.

The Office for National Statistics said that first-quarter growth fell to 0.4 per cent from 0.6 per cent in the last three months of 2015, but said there was no evidence for or against it being linked to Brexit-related uncertainty.

REUTERS