We Know Property

David Blanchflower was the only member of the Bank of England’s Monetary Policy Committee (MPC) to vote for a interest rate cut in Junes MPC meeting

David Blanchflower, who lives in the US, was quoted in yesterdays newspapers saying the economy will probably shrink for as much as a year and the MPC should act now to bring down borrowing costs. He commented that ‘Monetary policy has been far too tight for too long. We cant just sit and do nothing as we have done for too long.’

The MPC will publish minutes of the July meeting on wednesday 23rd which will have details of how many members voted for a rate cut. Last month it was only one member, David Blanchflower, but with growing concerns for the general economy slipping in reccession the number and likleyhood of a cut rate could be moving closer.