Talk of interest rates cut alludes to scarring from the global financial crisis

Andrew Haldane has raised the prospect of a permanent period of weak earnings growth that locks in low wages, low inflation and low interest rates

It's a pretty extraordinary prospect. Britain has been out of recession for more than five years, is the strongest growing economy in the G7 and, if you believe George Osborne, is walking tall again.

Yet Andrew Haldane, the chief economist of the Bank of England, believes the next move in interest rates may be down rather than up, and in the right circumstances can envisage himself voting to cut official borrowing costs from 0.5%.

Related: Interest rates may be cut, suggests Bank of England chief economist