Bank of England holds interest rate, cuts growth forecast

London (AFP) – The Bank of England on Thursday left its key interest rate at 0.50 percent as it slashed its growth forecast for the British economy awaiting Brexit.

“For the majority of (BoE) members, an increase in bank rate was not required at this meeting.  All members agree that any future increases in bank rate are likely to be at a gradual pace and to a limited extent,” read minutes from the meeting, as the bank cut its 2018 gross domestic product (GDP) growth forecast to 1.4 percent from 1.8 percent.