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David Blanchflower calls for massive UK financial stimulus

David Blanchflower, a member of the powerful Bank of England MPC committee, has today stepped out of the shadows to suggest that the UK government is not doing enough to reinvigorate the UK economy. He has taken the US stance as an example which he believes should see the UK government introduced a massive £90 billion fiscal stimulus in the short to medium term which should be centred upon employment protection and employment creation. This is one of the few times that any member of the MPC committee has publically criticised current UK policies and is sure to catch the eye of both Alistair Darling and Gordon Brown.

There is a growing belief across the UK that monetary policy strategies are not working and their effect is diminishing on an ongoing basis. The only way to encourage growth in the UK economy is to inject a massive amount of capital to create business, demand and to safeguard UK employment with the unemployment figure set to reach 10% in a worst-case scenario.

The move to quantitative easing would appear to be in line with David Blanchflower's opinions and we could see the impact of such a move sooner rather than later as the effect of various options which were available to the UK authorities are reduced substantially.

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