BOE Risks Deepening UK’s Recession, Former Chief Economist Warns

Andy Haldane urges central bank to consider interest-rate cuts
Warns of damage to BOE’s credibility if UK economy struggles

Andy Haldane, chief economist of the Bank of England, speaks during an interview in London, U.K., on Tuesday, May 14, 2019. Haldane has a reputation for views that go against groupthink, despite spending more than a quarter century at Threadneedle Street.Photographer: Jason Alden/Bloomberg

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By Tom Rees, Lizzy Burden, and Stephen Carroll

February 19, 2024 at 6:00 AM UTC

This article is for subscribers only.

The Bank of England risks deepening the UK’s recession if it doesn’t pivot to interest-rate cuts soon, its former chief economist Andy Haldane warned.

Haldane told Bloomberg’s UK Politics podcast that the central bank’s credibility is under threat and called on it to consider loosening policy to support the economy.