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Economy

Bank of England sees weakest UK outlook since 2009 on Brexit, global slowdown

Updated : February 08, 2019 08:08 AM IST

While other major central banks have signalled they will hold off from raising borrowing costs, the BoE kept its message that gradual and limited rate rises lie ahead for Britain as long as, in just 50 days' time, a no-deal Brexit is averted.
BoE Governor Mark Carney said "the fog of Brexit" was causing tensions in the economy and that the risk of an abrupt, damaging departure from the European Union was growing.
Britain, the world's fifth-biggest economy, is due to leave the bloc on March 29 but Prime Minister Theresa May wants more concessions from Brussels to rally her divided Conservative Party behind her exit plan, which parliament voted down last month.
Bank of England sees weakest UK outlook since 2009 on Brexit, global slowdown
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