Bank of England warns about economic squeeze after Brexit

The Bank of England has warned about the economic fallout of Britain’s exit from the EU, saying it’s already starting to make families poorer.

Carney went on to say that 2017 will be a more challenging time for British households. His comments came during a press conference intended for the bank’s Quarterly Inflation Report. The report also unveiled the bank's trimmed-down predictions for the UK economic growth in general. Carney, however, said that Brexit is not the sole cause behind the forecasted economic decline and that its effects are expected to dwindle over the course of time. The grim outlook for Britain’s economy comes four weeks before a general election that will decide Brexit’s framework as put forth by Prime Minister Theresa May.