BlockBeats News, May 8th, Pantheon Macroeconomics' Chief UK Economist Robert Wood stated that the UK's economic growth forecasts for 2025 and 2026 have been revised down. It is now expected that the country's GDP will grow by 0.9% and 1% in 2025 and 2026, respectively, lower than the previous estimates of 1.1% and 1.5%.
Despite the inflation rate falling to 2.6% in March, it is expected to sharply rise in the coming months, possibly reaching 3.4% in the second quarter, only dropping to 3.3% by the end of the year.
Most of the data since the last forecast evaluation would usually lead the MPC to maintain an extremely cautious stance. However, US President Trump's tariffs have already disrupted the global economy and unsettled financial markets. In this context, Pantheon Macroeconomics expects the Bank of England to cut interest rates by 25 basis points three times this year, including consecutive cuts in May and June, as well as a final cut in November. (Kinetic Mind)
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