The Bank of England has retreated from plans for multiple interest rate rises as it sharply downgraded its economic outlook amid mounting Brexit uncertainty and slowing global growth.
In one of the largest near-term forecast revisions since the 2016 EU referendum, the central bank cut its forecast for UK growth to 1.2% in 2019, the weakest level since the recession of 2009.
As recently as November, the bank had expected 1.7% growth this year.
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