Bank of England Makes Gloomy Economic Predictions Amid Brexit Uncertainty

Peace and Freedom

AFP

© AFP/File | The Bank of England has cut its forecasts for British growth due to Brexit
 

LONDON (AFP) –  The Bank of England cut Thursday its forecasts for British growth due to Brexit, as it left interest rates at a record-low 0.25 percent.

The news, which followed a regular monetary policy meeting, sent the pound slumping as policymakers appeared to shift away from raising rates any time soon.

Sterling had already collapsed in value since Britons voted in June 2016 to exit the European Union in a shock referendum.

“Households looked through Brexit-related uncertainties initially, but more recently — as the consequences of sterling’s fall have shown up in the shops and squeezed their real incomes — they have cut back on spending, slowing the economy,” BoE Governor Mark Carney told a press conference Thursday.

“Businesses have been somewhere in between but since the referendum they have invested…

View original post 348 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s