Five takeaways from the Bank of England

The outlook is grim. But the Bank is signalling that policy will not be as aggressive as markets expect.

Over the last 24 hours I’ve been on the radio three times reacting to the Bank of England’s latest forecasts. Broadcast interest in me tends to move inversely to the economic outlook. Things are pretty bad.

The forecasts are awful.

The spike in inflation is now expected to peak at a higher level and linger for longer. Household real incomes will endure th…