Global woes will delay UK interest rate rise until 2020, say analysts

Weak global economy and sharp slowdown in UK growth will prevent any rise from 0.5% for at least four years, says EIU

Anxiety in global markets and a weakening US economy will force the Bank of England to delay UK interest rate rises until at least 2020, according to a leading firm of analysts.

The Economist Intelligence Unit (EIU) forecast, which will cheer mortgage borrowers and disappoint savers, extends by at least three years the timeline for the central bank's first increase from the historically low 0.5%.

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