Bank of England warns over global economic hit to UK

Though waning fears of a no-deal Brexit should help cushion growth in the near-term, the bank said the British economy will grow by around 1% less over the coming three years than it forecast just three months ago.For two of the bank's nine rate-setters on the Monetary Policy Committee, the deteriorating outlook was enough for them to back an immediate rate cut. The majority, though, opted to keep the bank's main interest rate on hold at 0.75%.

Most of the downgrade to upcoming growth projections was due to a weaker global economy and markets. However, the withdrawal agreement that British Prime Minister Boris Johnson secured with the European Union last month is also weighing on longer-term growth projections as it envisions a looser economic relationship with the bloc than previously penciled in by the bank, including border checks and other regulatory hurdles.

Brexit uncertainty has contributed to a slowdown in growth, largely by weighing on business investment. The slowdown prompted two Bank of England rate-setters to seek a quarter-point cut, news of which saw the pound fall from $1.2855 to $1.2815.

All of these 'The Sky Is Falling' articles are large corporations saying we don't like Brexit because it affects our bottom line when we can't ship our jobs overseas to lesson the money we pay workers.

the Brexit withdrawal agreement that British P.M. BorisJohnson secured with the EU la is also weighing on longer-term growth projections as it envisions a looser economic relationship with the EU than previously thought, including border checks and other regulatory hurdles

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