UK economy: the low-interest rate era is far from over

Bank of England Governor Mark Carney may hope otherwise but it's a safe bet that rockbottom rates will stay rockbottom this year and next

It's a safe bet that Britain's rock-bottom interest rates are going to stay at rock bottom, this year and next. That is the message from the global economy, where all the signs point to low inflation for years to come, robbing central banks of any reason to raise the base rates that set the benchmark for mortgages, overdrafts and loans.

Some central banks might even be forced to pump more funds into their economies through those inelegantly titled quantitative-easing programmes just to keep inflation from sinking again into negative territory.