According to Jinshi, Andy Haldane, former chief economist of the Bank of England, warned that the Bank of England would face the risk of a deepening recession in the UK economy if it did not turn to interest rate cuts soon. He said the central bank's credibility was at risk and called on the central bank to consider easing policy to support the economy. Official data last week showed that the UK fell into a technical recession in the second half of last year. The UK's GDP fell 0.3% in the fourth quarter, which was much worse than the zero growth forecast by the Bank of England. However, some policymakers downplayed the prospect of an early rate cut, pointing to signs that the economy will improve in early 2024 and persistent price pressures in some parts of the economy.