Impact of latest virus restrictions appears less than that in spring last year

Our best guess is GDP over Q4 was flat to slightly down

Mobility indicators are down more than in autumn, but less than in spring

Expects Q1 output to be weaker than November forecasts

Negative rates are a controversial issue

There are a lot of issues with negative rates

No country has used negative rates in 'retail' end of the financial market

Transmission of negative rates depends on banking system

BOE is doing a lot of work on whether negative rates are practical

There are good reasons to think we're in a world of low interest rates for a long period of time

Outlook for interest rates hinges on productivity growth