Bank of England’s quarterly inflation report: the central bank downgrades its growth forecasts
The Bank of England (BoE) released its quarterly inflation report on Thursday. The central bank downgraded its growth forecasts. The economy is expected to expand 2.0% in 2016, down from its previous forecast of a 2.2% rise, and 2.3% in 2017, down from its previous forecast of a 2.4% gain.
The central bank said that uncertainty around Britain's membership in the European Union weighed on the economic growth.
The BoE expects inflation in the U.K. to be 0.4% this year, 1.5% next year and 2.1% in 2018.
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- UK gross domestic product (GDP) grew by 0.4% in the three months to October
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