(MENAFN) Amid increasing worldwide risks, The Bank of England will slash its predictions this week and signal that interest rates will stay at a record low for a longer period.
Following a disappointing growth at the end of 2015, the nation is anticipated to cut its 2016 growth forecast to nearly 2.3 percent, from an estimation of 2.5 percent in November.
Since the US Federal Reserve raised interest rates and this month's market panic, the Bank's Inflation Report will be its first assessment of the UK and global outlook.
As the sterling has weakened against a basket of currencies, analysts believe the Bank will not raise rates from their current level of 0.5 percent until the second half of 2017.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.