Gigaplant

mer Secretary of the Treasury who had advised both Bill Clinton and Barack Obama.

Summers also slated the Bank of England, saying it had kept interest rates too low for too long, while the UK’s higher levels of inflation were reinforced by “very ill­judged” monetary policies that were too expansionary for too long.

The Bank of England has raised rates 12 times since the end of 2021, taking it to 4.5 per cent in May, although Summers said the only option was to stay the course with base rate hikes, although this would inevitably hit activity and growth.

“I’d be very surprised if Britain avoids a recession in the next two years,” he told the BBC.