BoE cuts UK growth forecast on double-dip fears

The Bank of England has been forced to cut growth forecasts for the UK to 1% amid fears of a double-dip recession brought on by the eurozone crisis.

Just three months ago, the Bank of England governor said the economy would grow by 1.5% this year. However, this week the Bank is expected to cut that figure to 1%, and issue a gloomy prognosis for next year, The Sunday Times reports. In August, the Bank thought 2012 would bring a 2.1% upturn but forecasters now think that prediction will be cut to about 1%. Official figures published on Wednesday are also expected to show the number of 16 to 24-year-olds out of work has passed the one million mark for the first time since records began in 1992. There is also expected to be a big r...