Adam lent has also waded in on the letter to the Sunday Times from 20 economists organised by Institute for Fiscal Studies research fellow Tim Besley. As he notes:
Unfortunately, the flesh is weak and I can’t resist the temptation of comparing Tim Besley’s record on the Monetary Policy Committee with that of David Blachflower (who organised an economists’ letter back in December advising against too hasty action on the deficit). During 2008, with the juggernaut of the financial crash and recession looming, Blanchflower voted to cut interest rates every month of that year. Besley voted to maintain six times, reduce four times (three times after the crash) and raise twice. Not a single one of his MPC colleagues voted to raise once let alone twice. With a record like that I’d lay low for a while.
Sound advice Tim. I'd take it.
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