Bank of England Rate-Setter Sees Growing Hard-Landing Risk in UK

The British economy faces a growing risk of a hard-landing, Bank of England policymaker Alan Taylor said on Tuesday, reaffirming his calls to speed the pace of interest rate cuts.

Taylor, an external member of the BOE’s Monetary Policy Committee, made the remarks as part of a broader speech about the impact of tariffs on the British economy. The economist and Columbia University professor said downside risks in the UK were fueling concerns that the British central bank “may have braked too hard” while raising interest rates to combat inflation in the wake of the pandemic and Russia’s invasion of Ukraine.