UK Probably Already in Recession, Former BOE Rate-Setter Says
- Blanchflower urges BOE to refrain from further rate increases
- Central bank set to deliver first half-point rise since 1995
Pedestrians pass vacant spots for stall holders at Surrey Street Market in Croydon, UK.
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The UK economy has probably tipped into recession, and the Bank of England should hold off from further interest-rate increases, a former policy maker at the central bank said.