A future of rising interest rates and deepening debts beckon, with the UK unable, or unwilling, to countenance a solution
When interest rates begin to rise, we're told they will top out at 3%. Don't worry, homeowners, say the rate-setters, crippling monthly payments are a thing of the past.
Charlie Bean, the former deputy governor of the Bank of England and one of the rate-setters until last month, made it clear that the scale of household debts made it impossible to return to something like normal within the next 10 years.
Continue reading...