THE TELEGRAPH – BUSINESS: The Bank of England's financial stability chief has called for interest rates to be cut, amid fresh signs that the credit crunch is worsening and that the high street is already starting to suffer.
Minutes to the Bank's interest rate meeting this month revealed that two of the nine members - deputy governor for financial stability Sir John Gieve and David Blanchflower - voted to cut borrowing costs to 5.5pc.
The documents released yesterday also showed that the Bank's own private surveys of the UK economy depict it weakening more dramatically than the Office for National Statistics has reported. Bank chief urges rates cut over crunch (more) By Edmund Conway, Economics Editor
Mark Alexander
