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Business & Economy

Bank of England cuts growth forecast amid Brexit worries

written by Esther faroye December 20, 2018
Bank of England cuts growth forecast amid Brexit worries

The Bank of England has cut its UK growth forecast and warned a lack of Brexit clarity is hitting the economy. The Bank said uncertainty over the UK’s departure from the EU had “intensified considerably” over the past month.

 

Against a backdrop of weaker global growth, the Monetary Policy Committee voted unanimously to keep interest rates at zero-point-seven-five percent.

 

It said the economy is likely to grow by zero-point-two percent in the final quarter of 2018, down from an earlier forecast of zero-point-three percent.

 

That follows growth of zero-point-six percent in the previous quarter. The Bank expects slower economic growth to continue into 2019.

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