Martin Gilbert: How times have changed

35 years on

Ahead of the Bank of England meeting on Thursday 10 May, Aberdeen Standard Investments' co-chief executive Martin Gilbert reflects on how economics have changed since rates were as high as 11%.

This Friday (11 May) is the 35th anniversary of Aberdeen FC beating Real Madrid in the European Cup Winners' Cup Final. Perhaps a more appropriate and startling fact though to highlight on the pages of Investment Week is that in May 1983 UK interest rates were north of 10%, far above the 0.5% level they are today. Whether the Bank of England's base rate ever again hits 10% or the Dons ever again reach a European final is open to debate. The Bank's Monetary Policy Committee (MPC) is, of course, meeting on Thursday to decide if rates should be raised for the second time in seven mont...