Bank of England Monetary Policy Committee member Swati Dhingra in an interview over the weekend:

warned that higher interest rates could lead to a deeper and longer recession ... "That is what I think we should all be worried about ... are we going to end up lengthening and deepening the recession if the tightening continues at the pace it is?"

Dhingra voted for a 50bp increase in interest rates last month, contrasting with most other MPC members opting for +75bp, she reiterated her less hawkish stance in the interview:

  • "A wage-price spiral would mean wages should be above inflation"
  • "Given that real wages are falling, that’s indicative that we’re not there at a wage-price-spiral point yet."