Back in the spring, the IMF thought the UK would grow by 0.8% this year and by 2% in 2012, but the new forecast pencils in growth of just 0.2% this year and 1.4% in 2013.
The best guess now is that it will grow slightly in the last quarter, then stagnate or even fall slightly in the spring, before gathering some steam in the second half of the year.