According to Bank of England Deputy Governor Dave Ramsden, economic growth in the UK could have slowed down to a greater extent than what was forecast by the Monetary Policy Committee in early May.

Weak growth in productivity and weaker than forecast investment risks could hamper Britain’s GDP growth. He also remarked that a sudden no-deal Brexit without any time for transition could have significant negative effects on the economy.

He maintained the opinion of the BOE on the issue of keeping interest rates on hold, adding that weak productivity growth could push inflation higher, offsetting any possible weakness in inflation as GDP falls lower.