Five years of emergency measures – welcome to the new normal

The Bank of England needs to raise interest rates soon, says Matthew Lynn. Because the longer it leaves it, the harder it's going to be.

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.

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.