Commenting on the Bank of England cutting its growth forecast to the lowest level since the financial crisis, James Faulkner from Master Investor, the UK based investment media and events company, said: “Today’s news that the Bank of England has cut its growth forecasts for the UK economy should come as no surprise, as the evidence of a slow-down has been plain to see for some time, not least given the marked slowdown in retail sales at the end of last year.
“It appears that the elephant in the room is the main culprit in today’s downgrade, with business investment seeing a hefty decline due to heightened levels of Brexit-induced uncertainty.
“That said, the UK’s economic performance remains robust in comparison to many of its continental peers – most notably Germany, the eurozone’s economic powerhouse. Optimists can also point to record levels of employment, falling levels of inflation and rising wages, all of which are putting more money in the pockets of UK consumers.
“The Bank of England thinks there is a one in four chance of recession in 2019. But the jury’s out until the UK’s post-Brexit position becomes clearer.”