The Bank of England (BoE) released its interest rate decision on Thursday. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected.
The central bank expect the U.K. economy to expand 0.6% in the fourth quarter.
The central bank lowered its growth forecasts to 2.7% this year, down from the previous forecast of 2.8%, and 2.5% next year, down from the previous forecast of 2.6%.
Inflation is expected to hit the central bank's 2% target by the end of 2017.