Central banks risk triggering a cascade of defaults if they ever raise interest rates again
Why would you want to own anything when you can rent? It is a question being asked of cash-strapped millennials whenever they think about hitting the high street.
John Lewis is the latest to tell young people they can have it all, or in most cases the bare necessities of modern life, if they would just learn to lease or rent whatever it is they need – a computer, sofa or desk chair. Don’t wait, says the department store, until you have the savings to pay for something outright (which may be never happen). Overcome those silly concerns about student loans, mounting credit card debts and a lack of savings by signing one lease or rent deal after another to get whatever you need.
The Bank of England will stick with its emergency policy setting until it is sure the economy’s recovery from the Covid-19 slump is more than a summer bounce, Threadneedle Street’s governor has said.
Andrew Bailey told a symposium of fellow central bank governors that the Bank’s decision to “act big and act fast” during the early stages of the pandemic had proved an effective response to the market panic and economic lockdown.