Bank of England slashes United Kingdom growth outlook on Brexit
Bank of England slashes United Kingdom growth outlook on Brexit
RBI Slashes Repo Rate by 25 Basis Points, Changes Stance to 'Neutral'
10 February, 2019, 19:44
The BoE also slashed its forecast for 2020 United Kingdom growth - to 1.5 per cent from 1.7 per cent.
The Bank warned that we could be set to see growth slump to its lowest level for 10 years in 2019 due to Brexit uncertainty, as it held interest rates at 0.75%.
Governor of the Bank of EnglandMark Carney hosts a Financial Stability Report press conference at the Bank of England in central London on November 28, 2018.
In minutes of the latest rates decision, the Bank said: "Since the committee's previous meeting, key parts of the European Union withdrawal process have remained unresolved and uncertainty has intensified".
Private-sector business surveys have suggested the economy has slowed to a crawl and the BoE said on Thursday that half of the businesses it surveyed had begun to prepare for a no-deal Brexit.
"No-one in 2016 voted for a recession and working people should not be made pick up the tab for the Tory Government's Brexit mess".
Gopal Krishna Agarwal, the BJP's spokesman on economic affairs, said the government had been asking the central bank to cut rates for some time. "With downside risks to growth, and inflation well within the comfort zone of the RBI, and real interest rates high, a rate cut was expected", said Upasna Bhardwaj, senior economist at Kotak Mahindra Bank.
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Against the dollar, the pound had depreciated steadily in the hours leading up to the inflation report, from US$1.294, but the sharp rejection of sub-US$1.29 exchange rates indicates underlying short-term strength for Britain's currency.
But the currency rallied after governor Mark Carney said Brexit clarity would boost forecasts and a "robust but constructive" meeting between Theresa May and Jean-Claude Juncker in Brussels.
Consumer confidence "took another step down in January", he cautioned, as household spending and the housing market have begun to show signs of being impacted. The economy could grow by around 0.5 percentage point more over the coming three years.
Sovereign bonds rallied after the central bank unexpectedly cut its key rate and dropped its hawkish stance citing easing inflation, providing relief to traders concerned about a record government borrowing program.
For 2020, the BoE also lowered its overall growth outlook to 1.5 percent from 1.7 percent, before a stronger-than-previously-expected 1.9 percent in 2021.
For the banks - often stuck with bad loans and heavy provisioning - any cut in loan rates is unlikely without a corresponding fall in deposit rates, which will require cash conditions to improve significantly, say bankers.
"Although inflation remains slightly above the 2 per cent level and real wage growth continues its current trend, the MPC looks to have remained cautious in its approach, wanting to wait until the outcome on Brexit is known before raising rates further".
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