UK Faces 500,000 Job Losses as BOE Fights Inflation

The video discusses the recent interest rate hike by the Bank of England (BOE) to 3%, the highest in 14 years. It covers the market's expectations, the governor's pushback against these expectations, and potential recession scenarios. The BOE's uncertainty about future economic conditions, including a fiscal squeeze, is highlighted. The governor's refusal to specify future rate paths and the impact on the pound are also discussed.

What did the Bank of England suggest about the possibility of a recession?

What challenges did the Bank of England face in predicting future economic conditions?