While inflation has come down from its peak of 11.1% last October, the rate of price rises - which was 6.8% in the year to July - remains high. The Bank has been hiking interest rates in an attempt to bring it down.
When asked if recession was still a danger, Mr Haldane replied:"It's definitely still a danger. I would hope not a sharp recession. But could that rise in the cost of borrowing take the legs from beneath an embryonic recovery? I think it could and that is definitely a risk.On the wider economy, he said there had been"underinvesting in the assets of UK plc" and claimed the concrete crisis in schools had been"foreseeable".
He added:"We fare poorly when it comes to the amount we save as a country, save as a nation and the amount we invest as a nation. And that's the main reason why we're seeing these problems, these fragilities in our infrastructure show up - whether it's crumbling schools or congested motorways and railways."Education sec watches clip of herself swearing
The Bank of England has defended its strategy to try and bring down inflation, while chancellor Jeremy Hunt
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