LONDON (AP) — Credit ratings agency Standard & Poor's has warned that economic growth in Britain will slow sharply over the coming couple of years and that uncertainties related to the country's exit from the European Union raise further "considerable downside risks" to its already gloomy forecast.

In a report issued Tuesday, S&P said growth is set to slow to 1.4 percent this year from 1.8 percent in 2016. The slowdown is expected to continue next year with growth of 0.9 percent predicted.

The agency said growth will be constrained by higher inflation, which keeps a lid on spending, as well as uncertainty over Brexit. Britain has begun the two-year process to leave the EU by March 2019.

As a result, S&P doubts that the Bank of England will raise interest rates soon.