Blanchflower says “cut”


Senior economist David Blanchflower has called for a cut in interest rates after further reports of a recession.

In an interview in the Guardian he said living and working in the UK and the US gave him a unique perspective, with his appetite for a cut good news for the commercial property sector.

"The evidence from the housing market, and especially the commercial property market, is worrying," he said.

Mr Blanchflower sits on the monetary policy committee (MPC) and was its only member to vote for a rate cut. He explained he had been voting for cuts because "consumer confidence is low in the UK", adding that interest rates were "restrictive at their current levels".

He also suggested that the MPC be more forward looking in its policies and "get ahead of the curve".

"It is time for the MPC to lead, rather than follow," he said.

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