Do you mean you would NOT be at all surprised, Mikey?
Yes, they need to rise, and not but the piffling 0.25% that is likely. The medium to long term effects of ultra-low interest rates for ten years are yet to be felt. But they will hopefully be less catastrophic than I imagine. Personal debt has reached ridiculous levels with people running up loans, especially for "big ticket" items such as cars and houses, that in normal market conditions they would never be able to afford. Because of the difficulties they will face interest rates rises will have to be curbed and will not be able to return to the necessary levels quickly, if at all. This means people will not be weaned off cheap money which, in turn, will make it ever more difficult to return rates to the levels necessary for a properly functioning economy. The policy of "emergency" ultra-low interest rates was a folly of the first order. All it did was to "boost" the economy by encouraging people to take loans they could not afford to repay in normal circumstances. And that's what caused the financial crisis they were introduced to address in the first place.