The recession was revised away
The Bank of England (BoE) hiked their policy rate to 4.5% on May 11 as the U.K. economy continues to suffer from high inflation, with consumer prices rising by more than 10% (annualized rate).
However, there is also some good news concerning the economic outlook. As we wrote a few months ago, the BoE was probably too pessimistic at the end of last year when it forecasted a long and severe economic contraction for 2023 that would last for more than a year.
In conjunction with the previous rate hike, economic forecasters at the