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Mr McCafferty told the LBC Radio presenter: "No, it's not all gloom and doom. That's not what we have said in our forecasts. "We would normally expect at this time in
the economic cycle, given the strong growth that we're now seeing throughout the world - 75% of the world's countries are now performing above their underlying potential. We are in
the process of seeing a real pick-up in the Global economy. "Given the very supportive monetary conditions which are still in place across the piece and the growth in confidence,
you'd normally expect to see business investment growing by double-digit growth per annum. We're currently growing at about 4 percent." The British economy expanded by a
surprisingly strong 0.5 percent at the end of 2017, up from 0.4% in the third quarter, although the Bank said it is expected to slip slightly back to 0.4 percent in the first quarter of
2018. The BofE said Brexit talks remain the "most significant influence on, and source of uncertainty, about the economic outlook".