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The former Governor of the Reserve Bank of India, Raghuram Rajan, has said trade friction between the US and China and the prospects of Brexit have helped damage business confidence.

But it was not clear yet whether this would lead to a recession.

He told Hardtalk's Sarah Montague: "Investment is falling. Consumption is still holding up. The question is, can we resolve the political uncertainty so that businesses start picking up again before we go down?"