The Bank of England's chief economist Pill noted on Thursday that survey indicators that had become available since the publication of the forecast had surprised to the upside, suggesting that the current momentum in economic activity might be slightly stronger than anticipated.
According to him, GDP is projected to fall slightly over the coming quarters. He added that GDP is expected to be close to zero in the first quarter.
Pill also said that CPI inflation is projected to fall to below the 2% target by the end of the forecast horizon, as increased economic slack reduces domestic inflationary pressure.
In addition, he said that the UK's labor market is even tighter than the unemployment rate would suggest, but noted that some high-frequency indicators of wages had fallen quite sharply recently.