According to economists polled by the Reuters news agency, the Bank of England’s latest growth and wage forecasts are too optimistic.

BoE Governor Mark Carney said the forecasts hinged on a “smooth” transition to Brexit, as well as a big pick-up in wage growth and stronger exports and investment.

Wage inflation will rise to 3.7% in 2019, according to the Bank, but 22 of the 26 economists said that this is “unlikely” or “very unlikely”; the median forecast was 3.1%.

The Bank said the UK economy would grow by 1.9% this year, 1.7% next and 1.8% in 2019, but the median estimates in the Reuters poll were all lower — respectively 1.7%, 1.4% and 1.5%.