The end of an interest rate era

It’s hardly the end of the era of low interest rates… the new 0.5% base rate remains staggeringly low on any historic basis. But it is the end of an era in which the base rate appeared to be able to move in only one direction. It’s more than a decade since the last interest rate rise, or almost half the length of an average mortgage term. Seven of the ten committee members voted in favour of today’s rate rise, but the Bank suggested future rises would be slow and limited. More here.