Andrew Bailey will stage a humiliating U-turn next week as he is expected to row back on 'grossly exaggerated' forecasts about the UK's looming recession. The Bank of England will publish its latest quarterly Monetary Policy Report on Thursday setting out the projections used by policymakers to set interest rates. In November, Bailey warned the country faces the longest recession on record and soaring unemployment. The Bank said the UK was at the start of a painful slump that could leave an extra 1m workers jobless. Expect for Bailey to suggest the UK still faces recession, but one shorter and milder than the one he had outlined through last year.

Source: Daily Mail January 28, 2023 00:33 UTC