Experts have said the Bank should be cutting rates to avoid a recession
Trevor Williams, a former chief economist at Lloyds Bank, has called for the Bank to “act now” and lower rates, rather than hold them at the current level of 5.25 per cent“There is mounting evidence that the UK’s monetary policy could lead to a potential recession in the interim,” he said.
“We have to now be very careful about doing more tightening. If the Bank of England was to raise interest rates, I think it would be very damaging. I would prefer that they cut them.” 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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