The Bank of England Flips: Recession Averted in 2023 

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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

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