Telegraph: MPC dove Blanchflower to vote for rate cut

Telegraph: MPC dove Blanchflower to vote for rate cut Blanchflower indicated he would be calling for interest rates to be cut by more than 25 basis points at next week's Monetary Policy Committee meeting. Mr Blanchflower said his earlier forecast that house prices could fall by 30pc was looking optimistic and that the jobless total could soon touch two million as construction companies and banks lay off workers. The US-based academic, who has called for lower interest rates for 10 months in a row, said the UK could learn from Federal Reserve's prompt action and interest rates should be much lower than 5pc as a matter of urgency. "I've obviously voted on quite a number of occasions now for small cuts but we need to act and we probably need to act in larger amounts than that."