Thu, 12 May 2016 14:37:06 GMT
BoE cuts its growth forecasts
On Thursday, the Bank of England left its benchmark interest rate unchanged at a record-low 0.5% and revised down its growth outlook for the Q2 from 0.5% to 0.3%. Moreover, the BoE lowered its annual growth forecast for the UK from 2.2% to 2.0%, and highlighted that the country's inflation rate remained below the 2% target level.