Haldane Calls For Rate Cut

The Bank of England risks deepening the UK's recession if it doesn't cut interest rates soon, ex-BOE chief economist Andy Haldane (now @theRSAorg) tells us on the Bloomberg UK Politics Podcast

Listen here: https://t.co/kPSH02TNxv

And read more: https://t.co/uX2WateVZa pic.twitter.com/BRpTELsbKh

— Lizzy Burden (@lizzzburden) February 19, 2024

Andy Haldane, the former chief economist of the Bank of England (BoE) and known hawk, has thrown a cat amongst the pigeons by urging the central bank to cut interest rates. This comes despite the BoE holding rates steady for the fourth consecutive time earlier this month, citing concerns about inflation.

Haldane's Argument:

• Sluggish growth: He argues that the UK economy is facing "anemic growth" at best, with the risk of a deeper recession looming.
• Taming inflation: Inflation has fallen from over 11% to 4%, suggesting room for loosening monetary policy.
• Credibility at stake: He warns that the BoE risks losing credibility if it doesn't adjust its stance as economic conditions change.

 

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