Jonathan Haskel, who was on the Bank's Monetary Policy Committee until last summer, has been speaking to BBC Radio 4's World at One. Commenting on the interest rate cut, Haskel says: "It's what the market expected but I’m afraid to say that the forecast can be summarised in one word - which the Governor was unwilling to use, but it’s there I think - which is stagflation. "The economy is in a difficult position. The Bank’s forecast last year for t...