Prof Minford (above), a member of the Chancellor's panel of economic forecasters known as the 'seven wise men', was one of only two forecasters to predict that national output would continue falling last year.
Prof Minford pays particular attention to movements in the M0 measure of the money supply - notes, coin and bankers' cash at the Bank of England - when forecasting inflation and growth.
The latest Liverpool forecast predicts that growth will be just 0.3 per cent this year.
Christopher Huhne, page 12
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