In a recent report, Britain’s Central Bank warned that the nation’s economy would likely grow at a pace of 1.75% in 2005, which would represent the worst year of growth in over a decade. This latest forecast is significantly from earlier forecasts of 3-3.5%, that the Central Bank had released earlier this year. According to experts, rising energy prices are responsible. Others pin the blame squarely on the slowing real estate market, which has spurred a sharp decline in the consumption component of GDP. Ironically, other G7 countries, including Germany and Japan, are finally showing signs of growth. Britain’s economy, however, seems headed in the opposite direction. The Wall Street Journal reports:

Calling 2005 “the toughest and most challenging” of his eight years as treasury chief, Gordon Brown blamed “a virtual doubling of global oil and commodity prices.”

Read More: British Growth, at 1.75%, Is Slowest Since 1992