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Beecroft: No rate rises in UK or US until 2016

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No interest rate rises in the UK or US until 2016, that's the assessment from Nick Beecroft, Chairman of Saxo Capital Markets, after the UK CPI figure hit 0.5% - below expectations and triggering warnings of the UK joining the Eurozone 'deflation club'.

The governor of the Bank of England will now have to write to the Chancellor of the Exchequer explaining why CPI has fallen below 1%. The last time the CPI figure was at 0.5% was in May 2000, back then it was a record low.     

Nick predicts a "flirtation" with zero percent CPI figures in the months to come and he explains why the low oil prices are pulling the world into deflationary territory.