The government and Bank of England are 'pulling in opposite directions' in an ongoing row over the recession, a former chief economic advisor has said.
Picture: LBCThe government and Bank of England are "pulling in opposite directions", a former chief economic advisor has said amid an ongoing row over how to deal with the recession in the UK.It comes as the government is set to announce major tax cuts on Friday morning after the Bank of England decided to hike its interest rates even further."It is quite unusual," he said.
"We have the Bank of England who are putting up interest rates to try to damp down the economy a bit - damp down inflationary pressure - and on the other hand we've got the government who are proposing to have large fiscal expansion and do a great deal more borrowing which will be playing the other way.
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