David Blanchflower, a former member of the Bank of England's Monetary Policy Committee (MPC), has said that the group did not act fast enough to cut rates in the run up to the collapse of Lehman Brothers because of what he deemed the "tyranny of the consensus".
Blanchflower said in an article for the New Statesman, a magazine: "Why did the committee get it so wrong? From my perspective, it was hobbled by group think. Governor Mervyn King, the old iron fist of the Bank of England, with his hawkis
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