Fitch: BoE actions earlier are a proactive response

Fitch ratings agency crossed the wires last minutes, noting that BoE easing is a “cushion”, not an offset to growth shock.

Key Quotes (Fitch's Forecasts):

• UK investment to be 15% lower by 2018 (relative to the agency's May forecast)
• Expect a "significant toll" on the economy
• Even though the fall in GBP will potentially support exports
• Growth forecasts 1.7% in 2016 (down from 1.9% in May)
• 0.9% in 2017 and 2018 (down from 2%) (these compare with the BoE forecasts of 0.8% GDP growth in 2017, down from 2.3% in May Inflation Report)