UK Recession Could Be Mildest in Decades, Already Over Says Bank of England

• Bank of England governor says UK recession is mildest in decades, GDP fell 0.5% in 2H 2023 • Recession may already be over; deputy governor says calling it a recession may be "unhelpful" • UK measures recession as two consecutive quarters of economic contraction • Comes ahead of 2024 general elections, hampers governing Conservative party's prospects • Bank of England interest rates peaked at 5.25% to curb inflation, but hints at potential cuts soon