The BoE's predictions follow its decision on Thursday to cut its main interest rate for the third time in six months. The bank now predicts that the British economy will only grow by 0.75% this year,

The Bank of England cut interest rates by a quarter-point and some policymakers wanted a bigger move to offset a slowdown, but the BoE said it would be careful about further moves in the face of an expected inflation spike and global economic uncertainty.

The Bank of England’s Monetary Policy Committee voted to cut interest rates to a 19-month low but struck a hawkish tone by signaling that only two more reductions are needed to bring inflation back to the 2% target.