BOE estimates GDP in 2022 +3.5% (May forecast: +3.75%), 2023 -1.5% (May: -0.25%)

Below are the Bank of England's updated economic forecasts:

• Inflation in one year's time at 9.53% (May forecast: 6.65%).
• Inflation in two years' time at 2.00% (May forecast: 2.14%).
• Inflation in three years' time at 0.76% (May forecast: 1.30%).
• Market rates imply more BOE tightening than May, show bank rate at 2.4% in Q4 2022, 2.9% in Q4 2023, 2.4% in Q4 2024 (May: 1.9% in Q4 2022, 2.6% in Q4 2023, 2.2% in Q4 2024)."
• GDP fell 0.2% (QQ) in Q2 2022 (June forecast: -0.3% QQ), sees +0.4% QQ in Q3 2022."
• GDP in 2022 +3.5% (May forecast: +3.75%), 2023 -1.5% (May: -0.25%), 2024 -0.25% (May: +0.25%).
• Unemployment rate 3.67 in Q4 2022 (May forecast: 3.61%); Q4 2023 4.68% (May: 4.26%); Q4 2024 5.68% (May: 5.05%).
• Real post-tax household disposable income in 2022 -1.5% YY (May: -1.75%), 2023 -2.25% (May: +1%), 2024 +0.75% (May: +2.5%)."
• Wage growth +5.25% YY in Q4 2022 (May forecast: +5.75%), Q4 2023 +5.25% (May: +4.75%), Q4 2024 +2.75% (May: +2.75%)