Economic growth slowest in 11 years

The Office for National Statistics said that GDP rose by only 0.1% in the first quarter, lower than the 0.2% previous estimate and average forecast by analysts.

The ONS said this was the weakest growth rate since the second quarter of 1992 when the British economy was struggling out of recession. On the year, GDP rose by 2.1%, down from the 2.2% estimate last month and the weakest rate in a year.

Many analysts expect the Bank of England to cut interest rates again in the next few months if the economy keeps showing signs of weakness.