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[William Thomson, 1st Baron Kelvin] In a speech to the Portadown Chamber of Commerce in Northern Ireland Andy Haldane, the Bank of England’s Chief Economist, discusses the future of money and the future of monetary policy. Andy first considers the need for central bankers to explore ways of conducting monetary policy at the zero lower bound. He then turns to the outlook for the UK economy today, setting out his stance that “the case for raising UK interest rates in the current environment is… some way from being made.” “Following the global financial crisis, short-term interest rates fell sharply in a great many countries”. Monetary policy makers must now consider how to deal with the risk that global rates remain persistently lower. Source: King and Low (2014); Bank Calculations. Note: The ‘World’ real rate is taken from King and Low (2014) and shows the average 10-year yield of inflation-linked bonds in the G7 countries (excluding Italy) over the period 1985-2...