Bank of England Poised to Slash Growth Forecast by Biggest Margin on Record

by Szu Ping Chan

The Bank of England will slash its UK growth forecasts this week as policymakers unveil a package of stimulus measures designed to shore up the economy after the Brexit vote.

Investors believe an interest rate cut is certain, with most analysts expecting rates to be trimmed to 0.25pc, from the current record low of 0.5pc.

[…] The Bank’s latest economic forecasts are expected to reveal the biggest downgrade to its year-ahead growth projection on record.

Economists believe growth in 2017 will be slashed to less than 1pc, from 2.3pc in May.

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