THE Bank of England has halved its growth forecast for this year as it cut interest rates to the lowest level for more than 18 months reports the BBC.
The economy is now expected to grow by 0.75% in 2025, the Bank said, down from its previous estimate of 1.5%.
The government has made growing the economy one of its key aims. Prime Minister Sir Keir Starmer told the BBC he was “not satisfied with growth” and the downgraded forecast “just spurs us on”.
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