The commission said there were a number of risks facing the UK economy, such as weak consumer confidence and business investment as uncertainty over the future trading relationship with the EU remained. The European Commission has downgraded its overall economic growth forecast for the European Union to 2.1 % from 2.3 % in the spring . The EC also cut its growth estimates for the bloc 's major economies , including the UK , which was revised down to 1.3 % from 2 % , the second - lowest of the member states . French expansion was forecast at 1.7 % from 2 % . Pierre Moscovici , European commissioner for economic and financial affairs , taxation and customs , said that tensions with the US , uncertainty surrounding Brexit and weak investor confidence were weighing on the UK economy , while the EU faced geopolitical uncertainty .
The European Commission has downgraded its overall economic growth forecast for the European Union to 2.1 % from 2.3 % in the spring . The EC also cut its growth estimates for the bloc 's major economies , including the UK , which was revised down to 1.3 % from 2 % , the second - lowest of the member states . French expansion was forecast at 1.7 % from 2 % . Pierre Moscovici , European commissioner for economic and financial affairs , taxation and customs , said that tensions with the US , uncertainty surrounding Brexit and weak investor confidence were weighing on the UK economy , while the EU faced geopolitical uncertainty .