In the late noughties, central banks across the world cut interest rates down to record lows in a desperate attempt to resuscitate global economies that had been hobbled by the financial crisis. In the UK, the Bank of England dropped rates from 5.75 per cent in July 2007 to 0.5 per cent by March 2009. The Fed in the US and the European Central Bank also followed similar trajectories. And it was there, at zero or near zero, that interest rates remained for the bulk of a decade before things started to change. In 2022, the central banks hoisted rates…

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