Bank of England ‘risks worsening UK recession if no interest rate cuts soon’
by Richard Partington Economics correspondent from Economics | The Guardian on (#6JQSQ)
Former chief economist Andy Haldane says keeping rates high could crush the economy'
The Bank of England risks making the UK's recession worse unless it cuts interest rates soon to ease the pressure on households amid the cost of living crisis, its former chief economist has warned.
Andy Haldane, who had been a leading advocate of raising interest rates before leaving the central bank in 2021, said there was a danger that the Bank could crush the economy" by keeping borrowing costs at the highest level in 16 years.
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