Bailey predicts very small UK recession and sees recovery signs, defends BoE independence amid calls for rate cuts

BoE governor Bailey predicts only a "very small" recession in the UK, sees signs economy already recovering
MPs push Bailey on when BoE will cut interest rates, given inflation coming down - Bailey says policy still somewhat restrictive
Recession came as BoE raised rates to get inflation under control from pandemic highs
Bailey defends BoE independence after criticism from politicians like Jacob Rees-Mogg
Markets now betting on BoE interest rate cuts this summer, as inflation heads towards 2% target