Even longer for low rates

The Bank of England’s chief economist made a speech that most analysts said meant the Bank would probably keep its base rates at 0.5% until summer 2015.

He said he was gloomier about the UK economy, partly because of the slowdown in Europe.

Financial markets have been anticipating a UK interest rate rise since the start of 2014, and yet another delay will be more good news for borrowers and more bad news for savers.