Sir Iain, the former Conservative leader and Secretary of State for Work and Pensions, joined with leading economist Trevor Williams in arguing that the Bank should start to lower rates.: If the Bank of England was to raise interest rates, I think it would be very damaging. I would prefer that they cut them.”He said: “There is mounting evidence that the UK’s monetary policy could lead to a potential recession in the interim.
Sir Iain added: “We’ve already seen the latest figures on broad money and it is heading downwards at a rate of knots. A recession is usually defined as when GDP falls for two three-month periods – or quarters – in a row. “We need confidence, not surprises. The economy has shown remarkable resilience, despite everything that has been thrown at it. The Bank seeks to perform a delicate balancing act – to ensure inflation maintains its downward trajectory, with high rates, without pulling the wider economy down with it. Cutting rates too quickly could dent this fragile confidence.”
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