While the reasons for this slowdown are complex, one thing dominates the Old Lady of Threadneedle Street's thinking - the upcoming Brexit referendum, which governor Mark Carney said has the potential to push the UK into "technical recession."
As part of the BoE's quarterly Inflation Report - a detailed report on virtually every indicator in the British economy and the bank's outlook for the country - the bank goes into its greatest detail yet on why and how it thinks the Brexit referendum is affecting and will continue to affect the UK should Britain vote to leave the EU.
The report is nearly 60 pages of charts and analysis, but we've pulled out five of the most important graphs, showing exactly why Carney and the Monetary Policy Committee thinks that Brexit would be such a bad idea for the UK, and the key word is "uncertainty."
Take a look at charts, along with the bank's notes, below.