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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.

Pedestrians pass vacant spots for stall holders at Surrey Street Market in Croydon, UK.

Photographer: Hollie Adams/Bloomberg

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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.