BoE revises downward UK growth forecast

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Growth in the UK is expected to weaken materially in 2012, according to forecasts presented in the Bank of England’s Inflation Report, published on Wednesday.

Fan charts in the report show that by the middle of 2012, GDP is expected to grow by 0.5%, under its central projection, much lower than the 2% forecast in the August report. The bank said the prospects for the UK economy had worsened considerably since its last inflation report, as global demand slowed and concerns about the solvency of

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