MPC's Blanchflower calls for aggressive cuts

The Bank of England needs to sharply reduce the cost of borrowing to prevent a "deep and long-lasting recession", said David Blanchflower, an external member of the Bank's Monetary Policy Committee (MPC).

Speaking at Keynes College at the University of Kent on Wednesday, Blanchflower said conditions warranted a significant rate cut as the effects of tightened credit in financial markets had yet to feed through to the broader real economy, especially firms' investments. The availability of credit

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