MPC dove Blanchflower to vote for rate cut
Two million Britons may be out of work by Christmas and big cuts in interest rates are needed now to stop the economy heading into a deep and prolonged slump, claims Bank of England policymaker David Blanchflower.
He also indicated he would be calling for borrowing costs to be cut by more than 25 basis points at next week's Monetary Policy Committee meeting.
His view echoes that of the majority of financial experts, who are now betting that the Bank of England will have to cut interest rates in the near future as it tries to avoid the onset of a deep recession in the UK.
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