Professor Danny Blanchflower warned the Bank's decision would be an 'electoral disaster for the Government' with Conservative leadership candidates 'handed the poisoned chalice'
: “If you call an election, there is going to be an unemployment rate in double digits, firms closing, houses in foreclosure – this is going to be a disaster. [The MPC hasn’t] understood controlling inflation is not the big deal, inflation is going to disappear… The worry is they’re going to have deflation – that’s what the forecast says. I’m completely astonished.”
Some say interest rates could hit 4 per cent in 2023, but the consensus appears to be in the region of 3 per cent.: “We’re expecting interest rates to rise to three per cent. He added: “If the higher inflation were expected to be more persistent then interest rates would rise by more than if the higher inflation were expected to be temporary.”
but that interest rates will not reach “the very high levels” some people have witnessed in the past. They hit 17 per cent rate from November 1979.Increasing the cost of borrowing through interest rates deters people from spending and encourages them to save. This in turn means the price of goods tends to rise more slowly, lowering inflation.
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