- Bank of England cuts growth forecast, and says that Brexit damage has increased
Market news
7 February 2019
Bank of England cuts growth forecast, and says that Brexit damage has increased
2019 GDP forecast of 1.2% (previously 1.7%)
2020 GDP forecast of 1.5% (previously 1.7%)
Cuts estimate for supply growth to 'a little below 1.5%'
CPI to temporarily fall below 2% target in coming months
Inflation in one year's time at 2.35% (previously 2.10%)
Inflation in two year's time at 2.07% (previously 2.12%)
Inflation in three year's time at 2.11% (previously 2.03%)
Sees weaker productivity growth than previously anticipated
Brexit means volatility in data, Q1 GDP to rise 0.2%
Uncertainties could lead to greater volatility in UK data
Forecasts continue to assume a smooth adjustment to average of a range of possible Brexit outcomes.
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