The Bank of England cut its growth outlook for the U.K. from 2016 through to 2018 on Thursday, as it announced no change to its main interest rate and stock of purchased assets.
Members of the Monetary Policy Committee (MPC) voted unanimously to keep the main rate at the record-low of 0.5 percent and maintain the bank's stock of purchased assets at £375 billion ($543.4 billion). The follows the MPC's meeting this week and came as no surprise after seven years of holding rates.
"In the United Kingdom, activity slowed in the first quarter and a further deceleration is expected in the second quarter. There are increasing signs that uncertainty associated with the EU referendum has begun to weigh on activity … In the Committee's latest projections, activity growth recovers later in the year, but to rates that are a little below their historical average," the bank's summary of the MPC meeting said.