george magnus is still with us. investors, in terms of the u.k.uggesting that 2016 is when we are going to see a rate rise. what is your thought on the direction of rates are the timing? george: i think the direction of rates is going to be up. anna: not much further to fall. george: the issue really is here in the u k as in the united states as well, it is quite common for people to kind of think about it is only a question of time. if it is not this quarter, it will be next quarter. very often, that discussion doesn't take into account a really important part of the framework of the discussion. why are interest rates this low even after the cessation of qe? this is really about the fact that we've had a huge slump in investment. companies are saving huge cash. household savings rates are up. governments are trying to cut back the school deficits. there's strong intonation on the part of all economic actors to save and there's not enough investment. i think that the balance of risk is that over the next 3 6, 12 months, interest rates will be up a