BoE's Blanchflower reiterates that U.K. joblessness will soar without a rate cut. In an interview with the Guardian, arch-dove Blanchflower, reiterated the risk for substantial U.K. unemployment, should the BoE fail to cut interest rates, saying that the "time for inaction is over". In a Treasury Committee hearing on September 11, Blanchflower warned that unemployment could rise sharply this autumn. Blanchflower has voted in favor of rate cuts at every BoE meeting since October last year.
