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Bank of England Expects No Growth for U.K. in 2Q
The Bank of England has trimmed its growth forecast for Britain’s economy in the current quarter to zero from 0.2%.
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The Bank of England has trimmed its growth forecast for Britain’s economy in the current quarter to zero from 0.2%.
The central bank agreed unanimously to leave its prime lending rate unchanged at 0.75%.
The U.K.’s gross domestic product expanded 0.5% in January-March. The growth was driven by a buildup of inventories by companies bracing for supply chain disruptions when Britain left the European Union at the end of March.
But Brexit has now been delayed until the end of October, but the form of Brexit remains unclear. The central bank says it lowered its forecast for the second period to reflect that uncertainty and because of the prospects of escalating global trade tensions.
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