So far the central bank has resisted following the U.S. Federal Reserve and the European Central Bank in cutting rates in response to Brexit challenges and a global slowdown caused by a protracted U.S.
The 2022 growth rate is above Britain's long-term trend and would push inflation back above the BoE's 2% goal, the central bank said.
German industrial output fell more than expected in September, data showed on Thursday, pointing to ongoing weakness in the sector and indicating that the Eurozone's largest economy will slip into recession in the third quarter.
The Bank of England is growing increasingly concerned about Brexit uncertainty and the global slowdown, pushing two policy makers to unexpectedly vote for an interest rate cut.
Today's focus is on the Bank of England; this is a "super Thursday", when markets will get the full works including an updated set of forecasts in the Monetary Policy Report and a press conference from Governor Carney, Lloyds Bank reported. That's the first time there's been a split on the committee since June 2018.
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The BoE also altered the language of its policy statement, hinting at the possibility of an interest rate cut before Brexit is resolved as risks to growth persist. "If global growth fails to stabilise or if Brexit uncertainties remain entrenched, monetary policy may need to reinforce the expected recovery in UK GDP growth".
Most of the downgrade to upcoming growth projections was due to a weaker global economy and markets.
In the near-term though, the fact there has been a deal that could soon command support in Parliament has reduced fears of a no-deal Brexit and that should shore up growth, according to Carney.
The pound was neutral on Wednesday as investors calculated the risks the upcoming general election poses to Britain's ability to complete its exit from the European Union before January 31, its latest departure deadline.
The Conservatives and the main opposition Labour Party yesterday each promised billions of pounds of investment for hospitals, schools and infrastructure as they seek to woo austerity-weary voters ahead of the December 12 vote. And most other prospective lawmakers in the House of Commons are predicted to be anti-Brexit.
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They cited risks from Brexit, a slowing in global growth, and signs of a weaker job market in the United Kingdom as reasons for their decision.
The British pound falls 0.2% against the us dollar.
Michael Saunders and Jonathan Haskel, who voted for the cut, argued that the British economy had "a modest but rising amount of spare capacity" and that underlying inflation was "subdued".
"With the risk of a no-deal Brexit falling recently, we expect the uncertainty facing households and businesses to fall", the bank said.
"This should at least limit the appreciation potential of the pound over the medium to long term, but still the general direction of pound exchange rates will be determined by the general election".
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