Britain's economy is likely to grow less than the Bank of England forecast ...
LONDON - Britain’s economy is likely to grow less than the Bank of England forecast earlier this month as Brexit uncertainty hurts investment and productivity, Deputy Governor Dave Ramsden said on Thursday.
Even if Brexit does go smoothly, it would be unlikely to dispel all business uncertainty, he said, so investment might pick up less than the BoE had forecast, hurting short-run growth and the economy’s longer-run productive capacity. Ramsden said his outlook for inflation and how fast to raise interest rates was similar to that of his colleagues, because weaker productivity growth was likely to push up on inflation, cancelling out the drag on inflation from slower growth.
Figures earlier on Thursday showed the biggest annual fall in car production since the financial crisis, after carmakers temporarily halted work last month because they were unable to reverse closures planned before the scheduled March 29 Brexit.
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