Bank of England Sees Weakest UK Outlook Since 2009 on Brexit
The Bank of England said Britain faced its weakest economic growth in 10 years in 2019, blaming mounting Brexit uncertainty and the global slowdown, but it stuck to its message that interest rates will rise if a Brexit deal is done, Reuters reports.
While other central banks have said they will hold off from raising borrowing costs, the BoE restated that gradual and limited rate rises lie ahead for Britain, as along as a no-deal Brexit in just 50 days’ time is averted.
“UK economic growth slowed in late 2018 and appears to have weakened further in early 2019,” the Bank’s policymakers said after they voted unanimously to keep rates at 0.75 percent, as expected in a Reuters poll of economists.
“This slowdown mainly reflects softer activity abroad and the greater effects from Brexit uncertainties at home.”
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