The Bank of England has halved its 2025 growth forecast and cut interest rates by a quarter-point to 4.5 per cent, as it contends with a stagnant UK economy and an increasingly uncertain international environment.
In a blow to UK chancellor Rachel Reeves, the BoE said it now expected the economy to grow by 0.75 per cent this year, half its November forecast of 1.5 per cent, and for inflation to rise before falling back.
The forecasts, which will stoke fears of stagflation, came as all nine members of the Monetary Policy Committee voted to cut benchmark rates from their previous 4.75 per cent.
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