Bank of England cuts UK growth forecast
According to the country’ central bank, the UK economy will grow 2.5% this year and 2.6% in 2016, both down from its previous estimates of 2.9% for both years.
Meanwhile, according to preliminary data from the Office for National Statistics (ONS), the UK economy slowed 0.3% in the first quarter of 2015 after posting a growth rate of 0.6% in the last quarter of 2014. Economists’ initial estimates called for a growth rate of 0.5% in a survey by Bloomberg.
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