The latest (November 2023) Bank of England quarterly Monetary Policy Report provides an assessment of the current state of the economy, along with projections for the short and medium term.

Key messages are:

  • The speed of inflation (i.e. price rises) is slowing but is still high (6.7% in September 2023).
  • GDP is expected to be broadly flat in the short-term and growth is projected to remain well below historical averages in the medium term.
  • Unemployment is projected to rise gradually over the next three years.
  • Pay growth to projected to remain above 5% for most of 2024.

Read the full report here.