PricewaterhouseCoopers LLP calls for a cut in interest rates of 0.5% backed by asset purchases to ease corporate credit conditions

Published at 10:00 AM on 04 February 2009

In advance of the Bank of England’s Monetary Policy Committee (MPC) decision on interest rates tomorrow, John Hawksworth, head of macroeconomics at PricewaterhouseCoopers LLP, said:

“Interest rates should be cut by a further 0.5%, given mounting evidence of the depth of the recession with the economy seeming likely to shrink by around 3% this year. A half point rate cut this week would leave the MPC with some ammunition in reserve should additional rate cuts be required further down the line.

“The Bank of England must also act swiftly to bolster liquidity and ease credit conditions in key asset markets by purchasing high quality corporate bonds and similar assets.”

For more information contact:

Natasha. Davies
Tax Senior PR manager, PricewaterhouseCoopers LLP 
Tel:020 7212 3343 
Mobile:07709 019 290 

John Hawksworth
Head of Macroeconomics, PricewaterhouseCoopers LLP 
Tel:020 7213 1650 


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