MPC member slams inaction  

Common sense has finally prevailed as MPC member David Blanchflower hit the headlines in calling for much needed interest rate cuts. He told the Guardian:

“I think we are going into recession and we are probably in one right now. We will probably have three or four quarters of negative growth but the risks are to the downside. It is not too late to stop it but we have to act right now. Monetary policy has been far too tight for too long…We can't just sit and do nothing as we have done for too long.”