Bank of England Urged to Cut Rates Soon to Avoid Deepening UK Recession

• Former Bank of England chief economist warns interest rate cuts needed soon to avoid worsening recession • Keeping rates high risks "crushing the economy" as consumers cut spending due to cost of living • UK entered recession at end of 2022 with GDP falling 0.3% in Q4 after drop in consumer spending • Financial markets expect Bank to start cutting rates this summer, as soon as June • Haldane says failure to cut rates risks loss of credibility after missing high inflation last year