first_img Chris PapadopoullosChris Papadopoullos was City A.M.’s economics reporter until February 2016. He is an economist at OMFIF. Monday 10 November 2014 12:15 am The Bank of England (BoE) is expected to lower its growth and inflation forecasts for the UK on Wednesday, signalling a delayed rate hike.Wednesday sees the release of the BoE’s quarterly Inflation Report, which sets out the Bank’s estimates for GDP growth and inflation. August’s edition predicted growth of 3.5 per cent in 2014, three per cent in 2015 and 2.6 per cent in 2016.Growth expectations have been hit recently by weak results from both private survey data and official statistics. The purchasing managers’ index – a survey of private sector firms – released by Markit last week implied that growth in the UK’s service sector had lost momentum. The service sector makes up nearly 80 per cent of GDP.Meanwhile, official estimates from the Office for National Statistics (ONS) showed the recovery had slowed down in the third quarter of the year.“The MPC [monetary policy committee] is likely to nudge down its forecasts for GDP growth over the next couple of years,” said economist Paul Hollingsworth of Capital Economics.“This week’s Inflation Report looks set to bolster expectations that the first rise in interest rates will not occur until well into 2015.” With regard to Inflation, figures from the ONS also showed it had dropped to an annual rate of 1.2 per cent in September, below the two per cent target.“The Bank of England’s November Inflation Report is likely to show a sharp downward revision to its near-term inflation estimates, due to a lower-than-expected current rate and declines in oil prices,” said Laura Ros­ner, economist at BNP Paribas. “As BoE chief economist Andy Hal­dane has said that he was gloomier on the UK outlook, the tone of the inflation should lean in that direction.” Many economists are now expecting the first rate hike to come after May’s general election. Show Comments ▼ Bank of England expected to cut UK growth outlook Sharecenter_img whatsapp More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPost FunGreat Songs That Artists Are Now Embarrassed OfPost FunMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance Wealth Tags: Bank of Englandlast_img