And to contextualise this, I make clear that there have not been positive interest rates within the UK financial markets since 2008.
Homeowners are now wholly unaware of what they mean with regard to mortgage payments.
Similarly, very few managers now running UK businesses have any idea what it means to pay net real interest costs upon their borrowing.
The mindset of positive interest rates simply does not now exist.
It does not even exist in banking, where the willingness to pay such rates to savers appears to be almost non-existent.
In that case, what the Bank of England is trying to achieve with its policy is unfathomable.
Positive real interest rates being one of those good things? Given that money today is worth more than money tomorrow, shouldn’t interest rates be positive?