Bank of England warns over global economic hit to UK

The growth outlook for the British economy has deteriorated largely as a result of a gloomier global backdrop, the Bank…

The growth outlook for the British economy has deteriorated largely as a result of a gloomier global backdrop, the Bank of England said Thursday as it refrained from cutting rates in the run-up to a general election that could have huge repercussions on Brexit. Though waning fears of a no-deal Brexit should help cushion growth in the near-term, the bank said the British economy will grow by around 1% less over the coming three years than it forecast just three months ago.

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