The Bank of England on Thursday hiked interest rates by 25 basis points and upgraded its projections for the U.K. economy.
The MPC now assesses that "the path of demand is likely to be materially stronger than expected in the February Report, albeit still subdued by historical standards."
"Risks remain but, absent a further shock, there is likely to be only a small impact on GDP from the tightening of credit conditions related to recent global banking sector developments."Inflation is expected to drop sharply from April, as the large price hikes following Russia's full-scale invasion of Ukraine drop out of the annual comparison.
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