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Bank of England cuts UK growth forecast

by ChemOrbis Editorial Team -
  • 14/05/2015 (14:26)
According to media reports, the Bank of England has cut its growth forecasts for the UK economy for the years of 2015-2016 in line with the subdued housing market and expectations that a strong pound may hurt exports.

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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