The UK economy, and its capital markets, stand on the edge of a precipice marked inflation. If that seems like hyperbole, consider how much is crucially dependent on today’s ultra-low interest rates. Swathes of British industry are being kept alive because debt servicing costs are so low. House prices, driven up by tax breaks, are being sustained by a mortgage price war among the banks. Awash with cash, they are fighting for borrowers who are categorised as “low risk” by the authorities.
Paul, Jean and Herman de Limbourg’s Très Riches Heures portrayed the life of Duke Jean’s court.