The Bank of England expects growth this year to be the slowest since 2009 when the economy was in recession.
It is forecasting growth of 1.2% this year, down from its previous forecast of 1.7% made in November.
The Bank put the fall down to a decline in business investment over the past year, as well as a halving of the growth rate in exports. Surveys by the BoE suggest this is mainly because of uncertainty over Brexit.As expected the Bank kept interest rates on hold at 0.75%.
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