The Bank said that endless uncertainty over the Brexit negotiations meant companies were hunkering down and cutting investment.
As late as November, the Bank had projected progress of 1.7% this year.
India's rate cut continues a trend in which some major central banks, anxious about slowing global growth and helped by low inflation, have moved firmly away from the tightening moves made previous year.
"This slowdown mainly reflects softer activity overseas and the greater effects from Brexit uncertainties at home", it added.
Ricky Knox said: "Irrespective of whether we have a no-deal Brexit, the United Kingdom economy is slowing".
The gloomy outlook from the Bank of England came as policymakers at the nine-strong Monetary Policy Committee voted unanimously to keep interest rates unchanged at 0.75 percent.
"If there's a shock, which... a no-deal transition Brexit would be - it would be a negative shock, then that further increases the possibility of negative quarters".
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Under our base case scenario of a delayed, albeit successful and somewhat orderly European Union exit, we still think that the Bank of England will raise interest rates towards the end of this year.
It was possible that Brexit might not be fully "tied up in a nice package" by the end of March, Carney said, but he added that there was also upside for Britain's economy if London and Brussels sign off on a deal. Modi's government has been pushing the RBI to transfer more of its excess capital to the state as well as ease lending restrictions on banks to spur growth.
Against the dollar, the pound had depreciated steadily in the hours leading up to the inflation report, from US$1.294, but the sharp rejection of sub-US$1.29 exchange rates indicates underlying short-term strength for Britain's currency.
It said the United Kingdom economy is set to grow by just 1.2 percent this year instead of 1.7 percent as predicted just three months ago.
The move balances the downward correction of the inflation forecast with the "uncertainties and risks related to the inflation outlook stemming from the new set of fiscal and budgetary measures effective January 1, 2019".
The Bank said on the flip side, growth could slump to a potential 0.8 per cent in 2019 should uncertainty persist and financial conditions tighten.
In its minutes, the Bank continued to stress that interest rate rises were likely to be needed "at a gradual and to a limited extent". If, as much of the market expects, data out of the world's largest economy begins to turn south, we could see the EUR/USD rate retrace some of its losses in the coming sessions. If the consensus is realised it would mark the sixth month in a row where inflation was below the RBI's medium-term target of 4 percent.