The Bank for International Settlements (BIS) warned in its annual report that the era of "near-zero" interest rates needs to end, and singled out the British central bank for comment. Highlighting the fact that inflation in the UK has been above the 2pc target since December 2009, it said: "One wonders how long [the MPC's] current policy can be sustained." Mr Posen, who has voted not only for rates to be left on hold but for the Bank to inject another £50bn of quantitative easing into the economy since October, said stagflation – low growth and high inflation – is unlikely in the UK and argued that BIS had made ... (full story)