Andrew Bailey
The Bank is expecting to record "zero growth" in the last quarter of 2024.
Andrew Bailey said leaving the EU had had "consequences" for the country.
This news from the Bank of England will be welcomed by borrowers.
Andrew Bailey said the outlook was among the worst he had ever seen.
Bank of England governor Andrew Bailey has offered hope for the cost of living crisis despite hiking interest rates again.
Meanwhile, the central bank's governor, Andrew Bailey, warned the UK's post-Covid recovery is "dramatically" slower than the eurozone and US.
"We had to step in quickly and we had to step in quite decisively," the governor of the Bank of England said.
Governor Andrew Bailey tells fund managers to balance their books by Friday: "You've got to get this done."
Bank of England governor Andrew Bailey will also take part in the meeting amid concerns at soaring wholesale gas prices.
The new chancellor also made a thinly veiled swipe at his predecessor Rishi Sunak, saying that “cutting taxes isn’t a fairytale”.