The Bank of England lowered its economic growth forecast for 2018 and 2019

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The Bank of England lowered its forecast for the growth of the UK economy in 2018 from 1.4% to 1.3%. For the next year, the forecast was lowered from 1.8% to 1.7%, while the estimate of GDP growth for 2020 remained the same – at the level of 1.7%. The British regulator expects an earlier overheating of the economy – already in 2019, noting that in the near future, inflation will remain at a value that exceeds the target 2% per annum. This may require an earlier interest rate increase. At the end of its meeting on November 1, the regulator retained the base interest rate unchanged. It is planned to increase the rate in the fourth quarter of 2019 to 1%, in the fourth quarter of 2020 – to 1.2%. The inflation forecast for 2018 has been changed upwards – from 2.3% to 2.5%. In the next two years, the inflation rate is expected to be 2.1%.

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