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UK house prices ‘stable in January’; anger as BP profits soar to record – business live

British house prices were unchanged in January, Halifax reports, but annual growth slowed to a three-year low of 1.9%

Danny Blanchflower, a former Bank of England policy maker, has predicted that “collapsing” house prices will push the UK central bank into a rapid pivot toward interest rate cuts.

Blanchflower, who is now a professor of economics at Dartmouth College, told Bloomberg Radio that economic data will deteriorate as the sharp increase in interest rates hit activity.

“We are seeing house prices tumbling.

You’re going to start to see really bad stuff appearing as these economies slow fast and the central bank and the markets are then going to respond to that.

As I sat at the Bank of England, my job was to think about what inflation was going to be at about 18 months to two years down the road. And you change rates now because it takes time to have an effect.

“What people should see is a collapsing housing market, a slowing economy and the reason is that these interest rate hikes that have been going crazily haven’t actually impacted the economy yet.”

We need continuing near-term investment into today’s energy system – which depends on oil and gas – to meet today’s demands and to make sure the transition is an orderly one. We have high-quality options throughout our portfolio, allowing us to choose only the best.

We will prioritise projects where we can deliver quickly, at low cost, using our existing infrastructure, allowing us to minimise additional emissions and maximise both value and our contribution to energy security and affordability.”

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Please note that all views in posts that are not from the BSL Editorial Team are not opinions of the company and do not represent us in any form. All Non-Editorial articles are intended to be purely informational and should not be treated as fact.

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