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.