In the latest BoE quarterly inflation report, GDP growth was revised quite notably low for 2019 and 2020. Four-quarter GDP growth to Q3 2019 was revised down from 1.2% to 1.0%. That for Q3 2020 was revised down from 1.7% to 1.4. Though, that for Q3 2021 was revised up from 2.1% to 2.4%. CPI inflation for Q3 2019 was revised down from 1.8% to 1.7%. That for Q3 2020 was revised up from 1.7% to 1.9%. And that for Q3 2021 was revised up from 2.1% to 2.2%.
Bank rate projection was unchanged for Q3 2019, at 0.7%. For Q3 2020 and 2021, Bank Rate forecasts were both revised to 0.5%, down from 0.8% and 0.9% respectively. The path for Bank Rate was implied by forward market interest rates.
