Growth in the UK economy will be weaker than expected, real wages will fall by more than anticipated and inflation will be higher than forecast, the Bank of England has warned. In a downbeat outlook in its latest quarterly Inflation Report, the Bank said GDP growth was likely to be 1.7 per cent this year, down from estimates of 1.9 per cent made in May and 2 per cent in February. The lower forecasts put its outlook in line with those of other organisations such as the International Monetary Fund. The central bank also made a small downgrade for 2018 from 1.7 per cent to 1.6 per cent but kept 2019 the same at 1.8 per cent. The downgrades are largely due to gloomier expectations…

Source: The Times August 03, 2017 22:52 UTC