Bank of England Downgrades UK Growth Forecasts

UK central bank cuts growth forecasts to 1.2% for this year, the lowest since the financial crisis, and warns that a no-deal Brexit could trigger recession

Morningstar News Team 7 February, 2019 | 1:43PM

Bank of England

UK economic growth forecasts were heavily downgraded by the Bank of England in its quarterly Inflation Report today. UK GDP growth is now expected to be 1.2% this year, against previous forecasts of 1.7%, the lowest since the financial crisis.

The Bank also warned that a no-deal Brexit could trigger a recession. The chance of a no-deal Brexit has gone up, Governor Mark Carney said, but Britain's Cabinet is actively discussing the possibility of extending the date of Britain's departure from the EU.

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