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- Bank of England lowers its economic growth forecasts
Bank of England lowers its economic growth forecasts
The Bank of England (BoE) released its Inflation Letter. The BoE lowered its economic growth forecasts. The forecast for gross domestic product (GDP) growth in 2015 was cut to 2.4%, down from 2.9% three months ago. The GDP growth forecasts for 2016 and 2017 were lowered to 2.6% and 2.4% respectively.
The BoE expects inflation to decline below zero in the coming months and to return to the BoE's 2% target within two years.
The central bank also downgraded its expectations for wage growth in 2015 to 2.5% from 3.5%.
Wage growth is a key determination in the timing of first interest rate hike by the BoE.
Britain's central bank is worried about productivity growth in the U.K.
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