Bank of England Governor Andrew Bailey is in the cockpit of the British economy
(Picture: PA Wire)City comment: Who would be a rate setter on the MPC this week? It must be like flying through thick cloud with different control panel dials showing that the plane is descending - yet also climbing. Which indicators do you trust to avoid that worst case scenario (for pilots at least) a hard landing on terrain that is unpleasantly lumpy rather than flat?
This week’s data so far points to an economy running warmer than most commentators expected in the chaotic aftermath of the mini-Budget less than three months ago. Yet there is little doubt Britain is already in recession with apparently little hope of UK Plc’s nose pulling up much before the summer. But labour shortages are still holding back growth. Go figure.
