UK Economy Unexpectedly Contracts 0.1% in March

The video discusses the UK economy's recent GDP data, highlighting a slight decline in growth due to reduced consumer spending amid rising inflation. Bloomberg Economics predicts this contraction will affect the second quarter but not lead to a recession. The Bank of England faces challenges balancing inflation and interest rates. An interview with Deputy Governor Dave Ramsden reveals concerns about inflation risks and potential rate hikes, with a focus on the labor market's resilience and future economic forecasts.

What does Dave Ramsden say about the labour market and its impact on inflation?

What is the projected interest rate rise by 2023 as mentioned in the interview?