UK Retail Sales Unexpectedly Rise 0.3% in July

The transcript discusses the UK retail sales increase, accurately predicted by Dan Hanson of Bloomberg Economics, despite expectations of a drop. Online sales and spending on barbecues and staycations contributed to this rise. However, inflation in the UK has led to low consumer confidence, with the GfK survey reporting a record low. The Bank of England is expected to raise interest rates, with predictions ranging from 50 to 100 basis points, as inflation and recession risks loom.

What is the expected change in the Bank of England's interest rates according to the text?

What are the recession risks mentioned in relation to the Bank of England's rate predictions?