The Bank of England on Thursday halved its forecast for UK economic growth this year, blaming global risks amid US tariff threats and deteriorating business confidence in the UK. The sharp downgrade, which estimates gross domestic product at 0.75 percent in 2025 compared with a forecast of 1.
Gaddafi Stadium transformed in 117 days, to reopen on Feb 7The Bank of England on Thursday halved its forecast for UK economic growth this year, blaming global risks amid US tariff threats and deteriorating business confidence in the UK.
The British pound slid against the dollar and euro in reaction but London's top-tier FTSE 100 shares index traded at fresh record highs, helped by some of its biggest constituents earnings in dollars. Some analysts said the next cut could come as soon as March rather than May as had been widely expected ahead of the latest decision.Seven BoE policymakers including Bailey voted for a quarter-point cut but the remaining two wanted a deeper reduction to 4.25 percent.
The US Federal Reserve last week left borrowing costs unchanged but the European Central Bank cut eurozone rates.