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10.05.2016 22:01

NIESR cuts its GDP growth forecast for the U.K.

The National Institute of Economic and Social Research (NIESR) lowered its GDP growth forecast for the U.K. on Tuesday. If Britain remains in the European Union (EU), the U.K. GDP will be expected to grow 2.0% in 2016, down from the previous estimate of 2.3%. The NIESR expects the U.K. economy to expand at 2.7% in 2017, unchanged from the previous estimate.

The NIESR said that uncertainty around the referendum on Britain's membership in the EU weighed on the economy.

The unemployment rate is expected to decline to rise to 5.2% this year from 5.1% last year.

The Bank of England (BoE) is expected to start hiking its interest rates in November, according to NIESR.

The inflation is expected to be an average 0.3% this year and 0.9% next year.

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