of the great recession of just over 10 years of cool for 3 years between 2006 and 2009 professor david blanchflower of dartmouth college new hampshire was a lone voice on the monetary policy committee of the bank of england voting for radical action on interest rates to combat the c.d.'s that term his latest book not working consolidates his reputation as one of the world's leading kenson economists today he speaks to alex about his forecast that the economic storm clouds are gathering once again before this even been a full recovery from the last great recession. welcome to the average saddam show so i'm starving me. in your new book not walking you argue that unemployment is as big an issue today as it was 70 years ago or how do you justify that in an age of high employment levels and partly low unemployment levels well turns out that before 2008 the unemployment rate gave you everything you need to know about the labor market unfortunately that's not true since 2008 and the big deal now is that under employment is what matters people in work can't get enough hours they can't get enough income and that's why they're hurting and the elem pliant rate doesn't really pick that up. if you say it in the book

cost of the unit of labour has gone up as well as labour market starting to tighten, but i would say that all eyes have now on the monetary policy commission, the committee, part of the bank of englandby 10% in the first year, thatis uk. risen by 10% in the first year, that is the positive, the wider trend of the high street has been inherently negative of the course of the past few years. a mixer of uncertainty or the fact that people are feeling squeezed where their wallets are concerned. also the fact that rates and cost for a lot of businesses have dramatically increased which is why we have seen the acronym company voluntary agreement. a measure of different reasons for this, they have indicated that they are lying sales are rising year on year by 25—30% which is huge plus. almost a reverse of the course of the past few years. their shops seemingly seem to still be going great as people are wanting to shop in them. no indication of what it achieved a uk footprint despite all of the uncertainty at the moment which are clearly a positive. they are also selling goods that people want to buy. that is the secret to good retail. thank you. shall we have a look at what the markets are

very stark warnings from the monetary policy committee from the monetary policy committee from the bank of england earlier today, citing concerns for the economy in the wake ofritory from the next three months so again, territory from the next three months so again, over the course of the year, there are saying they think the uk economy will don't grow but as you were saying they keep signalling that whatever deal the uk comes outwith, in the brexit negotiations, could really be the sort of key determinant of the longer term path of the economy. and of course what they were saying as the boss of burger king was saying in the last hour, is uncertainty thatis in the last hour, is uncertainty that is the biggest problem in all of this whatever happens but with regards to interest rates, we had the federal reserve over in the states cutting them earlier in the day. other banks round the world moving in that direction, where do you see the uk central bank heading with regards to rates?” you see the uk central bank heading with regards to rates? i think it will carry on with this cautious path. we haven't seen any significant changes in interest rates for a couple