Despite the imminent departure of its most prominent hawk, the Bank of England will continue to honour the legacy of Michael Saunders by hiking rates even as the economy begins to slide into recession. Forecasts are beginning to point towards a significant recession lasting at least three quarters, with the first quarterly contraction to come either in the second or third quarter.

Tomorrow’s inflation data will confirm the trajectory of price rises towards 10% as the headline rises above 9%.

Data for employment will be released this morning with the claimant count expected to fall again but not by as much as has been seen recently.

Less than 40k workers will have come off the register, while last month it was closer to 50k.

While it is clear that the global economy is suffering post Coronavirus, with many countries in the grip of the virus, it is the UK that seems to be starting to suffer more than other G20 nations.

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