Alan Budd, provost of Queen’s College, Oxford and former MPC member: I take this as being about the risk of a severe downturn in economic activity. I don’t think there’s a risk of a boom.

Economists Survey

The results in full
Q1: What are the 3 main risks to economic stability in 2008?
Q2: How does the credit squeeze change the job of central banks?
Q3: How deep will the correction be in the housing market?
Q4: How far is it possible to ignore short-term inflationary pressures?
Q5: What needs to be done with the public finances?
Q6: Are emerging economies the next global bubble?
Q7: To what extent will the US election affect the world economy?
Q8: Where will Northern Rock be this time next year?
2007 survey

(a) the first risk is that the credit squeeze continues and has a significant effect on demand and growth