MPC member in recession warning
The UK could face a "relatively deep and long-lasting recession" if interest rates are not cut "aggressively", a member of the Bank of England's Monetary Policy Committee (MPC) has said.
David Blanchflower told an audience at the University of Kent that the threat to the UK economy is substantial unless the base rate is rapidly trimmed.
He told listeners that the remit of the MPC is not just to keep inflation around its target level but also to support the wider economic policies of the government.
However, the MPC has frequently failed to share Mr Blanchflower's views, cutting the base rate three times this year, whereas Mr Blanchflower has voted for a rate reduction in all ten meetings in 2008 so far.
A sustained recession could lead to a continued downturn in house prices, including in London.
This may make it better to rent instead of taking the risk of falling into negative equity.
Published 30th October, 2008
© 2008 Estates IT Limited
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The UK could face a "relatively deep and long-lasting recession" if interest rates are not cut "aggressively", a member of the Bank of England's monetary policy committee (MPC) has said.