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The UK’s latest economic data shows further progress. Consumer confidence improved amid rising real wages, and inflation returning to target in May. Retail sales rebounded strongly, boosting prospects of a healthy Q2 GDP print. Add to this mix, the big dovish surprise from the Bank of England in its forward guidance in their June meeting, it would feel like summer has arrived in all its glory! But we’re not home free yet. Stubbornly high services inflation remains a key worry.

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