'Gloomier' Bank of England says expect interest rates lower for longer

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Interest rates should remain low to avoid long-term economic stagnation, the chief economist at the Bank of England has said.

Andrew Haldane said in a speech he was downbeat over the UK economy because of weaker global growth, low wage growth and financial and political risks. "Put in rather plainer English, I am gloomier," Haldane said, according to the BBC. "This implies interest rates could remain lower for longer, certainly than I had expected three months ago." Previously, UK interest rates had been expected to rise early next year. Haldane made his remarks at a speech to local business leaders in Kenilworth, where he described the UK's economy as "writhing in both agony and ecstasy". He said t...

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