The Bank of England was one of the first major banks to increase interest rates in order to deal with surging inflation. With inflation at 9% y/y the early action was clearly justified. The last central bank meeting saw a dovish hike. The bottom line was that the BoE expect inflation to peak at 10%, but growth to turn negative in 2023. This was the perfect stagflation picture of slowing growth and high inflation. The Bank of England may even find itself cutting interest rates in 2023 at this rate. At the end of May, PM Johnson said that the UK economy is facing a difficult period ahead. On top of the PM Johnson is ... (full story)