BoE's King on the UK economy

In a speech given on 16 January Mervyn King of the Bank of England said the fall in long-term interest rates was one of the three key "signposts" for central banks - the others being the fall in manufactured goods prices and the surge in oil costs.

But Mr King admitted central bankers were unsure about what had driven the fall in long-term rates-and how they should react if it ended with an economic shock.

"If annual market rates on index-linked securities in the UK were to remain around 1 per

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