United Kingdom | More moderate growth and a BoE more given to deferring the rate hike

Summary

Over recent months the domestic factors underlying the economy have behaved as expected, but certain external ones have shown more shakiness, which leads us to revise growth and inflation slightly down. The risks remain to the downside, while domestic price pressure is weak, so the BoE seems more inclined towards delaying the first rate hike, and we now see this in 2Q16.

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