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In 1990 interest rates were at 15 per cent. You didn't need to be brain of Britain to know that rates at that level were not going to last. It should be easy, therefore, to look at interest rates today – standing at 0.5 per cent – and see this must be the bottom of the interest rate cycle, with little chance of them remaining at record lows in the medium to long term.

Stock lending is leaving investors short changed

Fund managers are pocketing millions, but taking little risk, in the secretive practice

Markets fall after inaction on euro

The UK was facing more economic uncertainty tonight after the European Central Bank failed to deliver measures for tackling the region's debt crisis.

Investors rejoice as ECB chief Mario Draghi talks of euro rescue plan

'Super' Mario Draghi hints at attack on Spain and Italy's high borrowing costs

France and Spain call for bank rescue to come quickly

France and Spain called today for swift implementation of the rescue plan for Spanish banks to ease concern that the country may need a full-blown sovereign bailout.

Aberdeen says client cash is still flowing in but pace slowing

The UK fund manager Aberdeen Asset Management is still drawing in client cash although continued turmoil in Europe is slowing the pace sharply.

Morgan Stanley to axe seven per cent of staff

Morgan Stanley plans to cut more staff this year and expects headcount to fall by 7 per cent, or 4,100, as it prepares for weak economic growth globally and low trading volume, the investment bank said yesterday.

Italy passes market test after Moody's downgrade

Italy passed a tough market test today as its three-year borrowing costs fell well below 5 per cent at an auction hours after Moody's cut the country's rating to two notches above junk status.

'Terrifying' former judge hired to beef up SFO

The new head of the embattled Serious Fraud Office has put a tough senior former judge on the payroll to aid his attempts at cracking down on City crime.

Top judge to beef up Fraud Office after string of bungles

QC with a terrifying reputation as a judge hired by new head of the SFO

Police officers stand guard at a Barclays branch as activists protest about the Libor scandal

Bank crisis is hitting corporate bond funds

The relative safety of company-issued bonds is being upset by the banks' Libor scandal

Westfield bond raises £450m

The Australian owner of the Westfield London and Stratford City shopping centres has raised £450m to pay down some of its UK debts and release cash for new investments.

Spanish and Italian woes raise heat at EU summit

Spain's borrowing costs jumped above 7 per cent and Italy had to pay through the nose to raise debt at an auction yesterday, heaping more pressure on European leaders as they kicked off a eurozone crisis summit in Brussels.

Spanish and Italian pain heaps pressure on crisis summit

Spain's borrowing costs jumped above 7 per cent and Italy had to pay through the nose to raise debt at an auction yesterday, heaping more pressure on European leaders as they kicked off a eurozone crisis summit in Brussels.

Business week in review

In profit...

Spotlight On: Severn Trent's 10-year bond

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Independent Travel
Burgundy, the River Rhone & Provence – Five-star MS Swiss Corona 7 nights from £999pp
Lake Como St Moritz & the Bernina Express 7 nights from £809pp
Vietnam
Lake Maggiore, Orta & the Matterhorn 7 nights from £939pp
South Africa
Spain
Prices correct as of 19 December 2014
Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Could cannabis oil reverse the effects of cancer?

Could cannabis oil reverse effects of cancer?

As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

The Interview movie review

You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
Serial mania has propelled podcasts into the cultural mainstream

How podcasts became mainstream

People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
Jesus Christ has become an unlikely pin-up for hipster marketing companies

Jesus Christ has become an unlikely pin-up

Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
Rosetta space mission voted most important scientific breakthrough of 2014

A memorable year for science – if not for mice

The most important scientific breakthroughs of 2014
Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

Christmas cocktails to make you merry

Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
5 best activity trackers

Fitness technology: 5 best activity trackers

Up the ante in your regimen and change the habits of a lifetime with this wearable tech
Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

Paul Scholes column

It's a little-known fact, but I have played one of the seven dwarves
Fifa's travelling circus once again steals limelight from real stars

Fifa's travelling circus once again steals limelight from real stars

Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
Frank Warren column: 2014 – boxing is back and winning new fans

Frank Warren: Boxing is back and winning new fans

2014 proves it's now one of sport's biggest hitters again
Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas