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Bank of England chops second-quarter growth forecast, sees bigger global and Brexit risks

London: The Bank of England cut its growth forecast for Brit..

London: The Bank of England cut its growth forecast for Britains economy to zero in the second quarter of 2019 and highlighted risks from global trade tensions and growing fears of a no-deal Brexit.

BoE officials voted unanimously to hold interest rates at 0.75 per cent, as expected, and stuck to their message that rates would need to rise in a limited and gradual fashion, assuming Britain can avoid a damaging no-deal Brexit.

However, the BoE noted on Thursday a darkening global outlook that has already prompted the European Central Bank, US Federal Reserve and Bank of Japan to signal this week that more stimulus could be on the way.

Britains economy is now on track to stagnate in the second quarter, the BoE said, rather than grow 0.2 per cent quarter-on-quarter as it had predicted last month, citing the run-up in stockpiling earlier this year by many companies ahead of an original Brexit deadline in March.

“Globally, trade tensions have intensified. Domestically, the perceived likelihood of a no-deal Brexit has risen,” the BoE said in its policy statement.

Former foreign secretary Boris Johnson is the front-runner in the race to succeed Prime Minister Theresa May. He and other contenders have said they are prepared to lead Britain out of the Read More – Source

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