The preliminary estimate of UK GDP growth in 2018 Q1, published at the end of last month, was just 0.1%. Relative to the median forecast among economists surveyed by Reuters, which was 0.3%, that was the biggest downside surprise in almost two years. Moreover, taken at face value, it was the weakest quarterly growth figure in more than five years. The trouble is, some people, including those sitting on the Bank of England’s Monetary Policy Committee (MPC), appear reluctant to take...