Chris Dillow 

A case for cash

Chris Dillow

Chris Dillow
A case for cash

Returns on cash are likely to lag behind inflation for years. Bank of England Governor Mark Carney recently said that rates will rise “at a gradual pace and to a limited extent”, and this only if the “fog of Brexit” lifts. Futures markets are pricing in a three-month rate of only 1.2 per cent by December 2021, which means real interest rates will be negative for at least another three years.

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