Bank of England Governor Andrew Bailey on Thursday defended an about-turn in the bank's U.K. growth forecast.
The bank said Thursday that U.K. GDP was expected to be flat over the first half of this year, growing 0.9% by the middle of 2024 and 0.7% by mid-2025. At its prior meeting in February, it said U.K. GDP was projected to decline by around 0.75% over the second half of 2022.Still, he insisted that the overall forecast remained weak.The bank has been criticized for failing to provide accurate growth forecasts, which could stymy its efforts to combat still high inflation.
However, Bailey said the forecasts were based on conditional data, which is subject to frequent and significant fluctuations. "They are conditional on financial market prices, they're conditional on commodity prices, they're conditional on government policies. So, as those conditions change, we change our forecasts," he said.watch now
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