The second estimate for U.K. Q1 GDP reaffirmed the initial growth projections of 0.4% Quarterly and 2.5% yearly, which would be the slowest pace since 2005. Growth is being slowed by declining investment in business services and construction. The Gross fixed capital formation fell 1.6%, the lowest in almost five years. Although private consumption for the first quarter jumped the most in almost three years, rising inflation is expected to weigh on it going forward. Despite, the BoE’s projection that the economy may see a couple of quarters of negative growth, it is expected to leave rates unchanged as it focuses on bringing inflation towards its 2% target.- [I]John Rivera, Currency Analyst[/I]