Bank of England policymaker David Blanchflower said it is crass nonsense to say that the magnitude of the financial crisis was unpredictable before the fall of Lehman.

According to extracts of a Channel 4 television interview published in two newspapers, the Guardian and the Daily Mail, Blanchflower's disclosures will highlight how slowly the BoE reacted to the credit crisis.

Blanchflower's relations with other members of the monetary policy committee reached a low in August, when bank said in its quarterly inflation report that the British economy would avoid a recession, the Daily Mail reported. According to him, the quarterly study was based on wishful thinking.

The arch-dove considered Blanchflower has been asking for big reductions in interest rates since last summer to avoid the financial crisis hitting the UK economy.

Blanchflower told the Channel 4 Dispatches programme, I decided that a severe recession was coming and that the report was just completely wrong, The Guardian and the Daily Mail quoted him as saying. I kept thinking: Am I wrong? If I'm so wrong then I ought to just quit.

Blanchflower is stepping down from the rate-setting body in June and David Miles would be taking his position.

For comments and feedback: contact editorial@rttnews.com