Recession in 2023. A resilient 1st quarter. Temporary recovery in household confidence. Inflation not under control. BoE on pause. Bond yields adjust. Real estate succumbs. Equities still attractive

Key points

• Uk economy moves closer to a recession
• Q1 2023 could still be resilient
• Leading indicators still mixed
• Job market still resilient
• Household confidence has improved
• Temporaty revival of inflation?
• The Bank of England is now in a holding pattern
• Rates also adujst in the bon market
• The British pound is trying to forget about itself
• Real estate no longer resists rising rates
• UK equities still attractive

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