The Bank of England has downgraded its forecasts for UK GDP growth in 2018 from 1.8% to 1.4%, and have voted to hold interest rates at 0.5% due to the poor performance of the UK economy.
In additional economic news, short-term economic indicators published today by the ONS show that “the economy was very sluggish in the first quarter of 2018, with little impact overall from the bad weather.”
Commenting, Stephen Doughty MP, leading supporter of the People's Vote campaign, said:
“Brexit is proving to be an anchor dragging our economy down. The drumbeat of negative economic news seems to get louder every day.
“Brexit is already costing our economy hundreds of millions of pounds in lost growth every week, we have gone from the fastest growing economy in the G7 to the slowest, and the forecasts for the next few years are historically bad. And that’s before we’ve even left.
“The economic damage being wreaked by Brexit is why we need a People’s Vote on the terms of the final Brexit deal.”
Notes to editors
More on the Bank of England’s decision can be read here.
The full release from the ONS can be read here.