New report upgrades outlook for UK economy with growth now forecast at 1.1% rather than 0.7%

• While the IMF is upbeat about global growth it knows where dangers lurk

The International Monetary Fund has warned the trade tariffs favoured by US presidential candidate Donald Trump could hurt global growth, as it upgraded its forecast for the UK economy.

The Washington-based organisation said tariffs trigger tit-for-tat trade wars that impoverish the economies involved in the dispute and the wider global economy.