The firm's chief executive, Stuart Law, said that the stockmarket chaos of 'Black Monday,' as it has since been dubbed, made clear the true extent of the Bank's error by leaving rates on hold in January.
He added that the MPC was playing a "dangerous game," placing blame partly on the Treasury's 'meddling' prior to January's rate decision which he believes pushed the MPC to emphasis its independence from the government's influence.
“With panicked sellers, keen to off-load their shares, resulting in the FTSE 100 index losing more than 323 points, the Bank now has no option but to ensure a rate cut is made next month."
He did say that despite recent speculation to the contrary, the situation was far from bleak for those with money invested in the property market.
"Whilst rumours of a 20 per cent fall in the commercial property market are rife, current sales are being distorted by distressed property funds, which are forced to sell in the current climate to fund unit redemptions.
"Those standing strong are almost guaranteed to weather the storm, with prices expected to return to far more buoyant levels before the year is out. While REITS and so called open property funds will suffer as a result of today’s slump, those who have invested directly into bricks and mortar have little to fear."
