JP Morgan Becomes First Bank to Predict UK Will Avoid Recession

JPMorgan Chase & Co. has become the first City of London forecaster to predict that Britain will stay out of recession in 2023 after a slew of more resilient growth signals in recent weeks.

The US bank delivered big upgrades to its UK growth projections after a resurgence in consumer confidence and a surprise return to growth territory in the latest purchasing managers’ index. While the National Institute of Economic and Social Research also expects no recession, JPMorgan is alone among banks in making that the central forecast, according to a Bloomberg survey.