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Commenting on how UK growth forecasts have been cut PDF Print E-mail
Thursday, 03 August 2017
Commenting on how the Bank of England expects the economy to grow by 1.7% this year, down from a previous forecast of 1.9%, Shilen Shah, Bond Strategist at Investec Wealth & Investment, said: “As expected, the Bank of England left interest rates unchanged with two dissenters in the committee voting for a rate hike. The central bank cut its GDP forecast as uncertainty created by Brexit hits output, despite the boost from the weaker currency and the upturn in global growth. 

“The central bank’s forecast is that the UK will exit the EU smoothly, despite some indications that the Government’s position is currently not clear. Given the relatively tight labour market and weak productivity growth, the central bank continues to assume that the output gap will be closed within three years even though Brexit continues to be the elephant in the room.”

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