'Low interest rate stopped return of depression'
Media playback is unsupported on your device

Ed Balls: Low interest rate stopped return of depression

In her party conference speech last month Theresa May criticised the effect of low interest rates. She said "people with assets have got richer. People without them have suffered."

But Ed Balls, a Senior Fellow at Harvard's Kennedy School, disagrees. He has just written an academic paper with the title Central Bank Independence Revisited. He told the Today programme that "low interest rates are the only thing that has stopped our economy sliding back into depression".

  • 17 Nov 2016
Go to next video: When UK interest rates were last cut