The former Chief Economist of the Bank of England, Andrew Haldane, provided a stark warning yesterday of the consequences if the Bank doesn’t lower interest rates soon.Haldane who left his role in June 2021, when the base rate of interest was 0.10% warned that the recession could be made “immeasurably worse” and “crush” the economy.Ironically, Haldane was an advocate for higher interest rates during his time as Chief Economist. He was succeeded by Huw Pill, who hasn’t always been popular with the City of London owing to his often blunt appraisals of the economy.Haldane went on to say that, in his opinion, the balance of risks points to a further contraction rather than a surge in inflation. The MPC is still concerned about the tightness of the labour market and rising prices in the services sector, as well as geopolitical threats to supply chains.The independent members of the MPC each have considerably different views than the permanent colleagues.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.