According to Jin10 data on May 14, ING analyst James Smith predicted that strong UK first-quarter economic growth data is unlikely to alter the Bank of England’s monetary policy expectations. Smith expects the BoE to hike rates once in June. He noted that UK economic growth has historically been stronger in early years since 2022, suggesting potential deceleration in coming quarters. Smith forecast Q2 growth around 0.2%-0.3%, with Q3 potentially turning negative amid falling real incomes and rising inflation.
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