LEADING ECONOMIST IN THE UK SAYS INTEREST RATES NEED TO BE SLASHED

Charles Goodhart, a founding member of the Bank of England's Monetary Policy Committee is making the claim that interest rates should be cut to 0% to avoid depression.

Mr Goodhart is a professor emeritus of banking and finance at the London School of Economics and a member of the MPC between 1997 and 2000. Interests went to zero in Japan in the 1990's when the Japanese had a recession or depression which was long and severe.