In its Financial Stability report out today (9 July), the BoE said Britain’s economy was projected to see slightly weaker growth in 2025 than initially forecasted in November last year, citing its May Monetary Policy report.
The four-quarter GDP growth in May was forecast to stay close to its current level of just over 1%.
BoE’s Andrew Bailey: Pick-up in inflation makes outlook uncertain
This comes as UK unemployment is expected to pick up to around 5% by the second quarter of 2027, up from 4.8% expected last year in its November report.
On a global level, near-term growth …
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