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Bank of England leaves interest rates on hold. The central bank's nine-member Monetary Policy Committee voted unanimously to leave rates at 0.75%, as had been widely expected. Any future policy moves from the Bank of England are likely to be heavily influenced by the progress of Brexit, and the looming spectre of no deal. The Old Lady of Threadneedle Street warned that Brexit is causing the UK economy to weaken, cutting its 2019 growth forecast to just 1.2%, the lowest since the financial crisis. Alongside the rate decision, the bank also released its quarterly Inflation Report, with Governor Mark Carney set to talk the press at 12.30 p.m. GMT (7.30 a.m. ET). The Bank of England on Thursday left interest rates unchanged, as had been widely expected, but cut its forecasts for economic growth in the UK, citing the continued uncertainty surrounding Brexit. The central bank's nine-member Monetary Policy Committee (MPC) voted unanimously to leave rates at 0.75%. Any outcome other than no change from the meeting would have been a significant surprise to markets. Rates are likely to increase further in the coming years, but the timing of any rate hikes remains unclear, particularly with the looming spectre of a possible no deal Brexit hanging over the UK. Read more: All of Business Insider's coverage of the Bank of England in one place Alongside the MPC's decision, the bank released its quarterly Inflation Report, its first of 2019. The report warned that Brexit is having a clear negative impact of the UK economy, saying that: "The further intensification of Brexit uncertainties, coupled with the slowing global economy, had weighed on the near-term outlook for UK growth," since the last Inflation Report in November. "Business investment had fallen for each of the past three quarters and was likely to remain weak in the near term. The housing market had remained subdued. Indicators of household consumption had generally been more resilient, although retail spending could be slowing." Such uncertainty pushed the Bank of England to lower its economic growth forecast for the UK in 2019 to just 1.2%, which would mark the country's slowest growth since the financial crisis. The bank previously warned in November last year that the worst case no deal Brexit could plunge the UK into its worst recession since the Second World War, and knock 8% off GDP in a single year. Bank of England Governor Mark Carney will speak to the press at 12.30 p.m. GMT (7.30 a.m. ET), discussing the MPC's decisions and the UK economic outlook. SEE ALSO: A Brexit-backing hedge fund titan now says Britain won't actually leave the EU, and is betting big on the pound Join the conversation about this story » NOW WATCH: How Apple went from a $1 trillion company to losing over 20% of its share price