Ms Barker also conceded in her report, Macroeconomic Policy: too much autonomy and too little co-ordination, that the Bank may have been partly to blame for the crisis. “The MPC’s failure to take sufficient account of the rapid rise in credit may well have exacerbated the UK’s recession,” she said, adding that interest rates could have been higher in the “mid-2000s” to choke off the debt boom.