Year Zero

British nickname for the 2009 financial year, in anticipation of (near to) zero per cent interest rates.

On January 6, The Times of London reported: “The calendar may say 2009, but in investment circles it is already being dubbed ‘year zero‘ – the era in which base rates are steadily nudged towards nought.”

The report quibbled the accuracy of the sobriquet (“Few economists expect the Bank of England to go as far as the Federal Reserve in slicing its key rate to a quarter of one per cent in the near future”) but stated that the phrase “neatly encapsulates the anxiety of savers who have seen the returns on their cash tumble to historic lows.”

The Scotsman called the nickname “chilling,” yet remained optimistic: “There is still hope that by the fourth quarter of the year, the worst of the downturn will be abating.”