Five years of emergency measures – welcome to the new normal

If it was a marriage, it would be the wooden anniversary, for which the traditional gift for your significant other is something made of silver.

Next Wednesday, if anyone reading this happens to be strolling past the Bank of England, perhaps they could drop off a small gift. Why? Because that will be the day the Bank celebrates five years of 0.5% interest rates.

The trouble is, ‘celebrate’ is not really the right word. In fact, while rates at 300-year lows have obviously been a huge help to some people, there is very little evidence that they have created [...]

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