Ultra-low interest rates could be here to stay, says Bank of England adviser

Monetary policy committee member Gertjan Vlieghe says debt, demographics and distribution of income could all depress interest rates for years to come

The prospect of ultra-low interest rates persisting for years to come has been conjured up by a leading Bank of England policymaker after a further fall in oil prices and shares in London sinking to their lowest level since late 2012.

Gertjan Vlieghe, one of the nine members of Threadneedle Street's monetary policy committee, the body that sets the official cost of borrowing, said debt, demographics and distribution of income could all depress interest rates.

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