by Martin Armstrong, Armstrong Economics:
The Bank of England (BoE) all but admitted the UK is officially in a recession. Bank Governor Andrew Bailey stated weeks ago that there was nothing the central bank could do to prevent a recession at this stage. The Monetary Policy Committee (MPC) voted to raise rates by half a percentage point to 2.25%, marking the highest level since 2008. The markets were expecting a 75 bps hike, but the central bank is moving slowly and aiming to avoid panic.