Interest rates: This is when the next Bank of England decision will occur – get ready

Fortunately, the BoE did not introduce negative rates this time but they did acknowledge that this option is on the table and could be introduced if the economic climate calls for it.

Rachel Winter, an Associate Investment Director at Killik & Co, analysed what this could mean for the future: “The rumour of negative interest rates has not yet become a reality, which will come as a relief for UK savers and also for UK retail banks.

“The latest earnings season showed that banks have had to put aside billions of pounds to cover potential bad loans relating to the coronavirus, and negative interest rates would have made it even more difficult for these banks to turn a profit.

“Over the last couple of months, changes to lockdown rules have seen many businesses open back up and many individuals begin returning to work, but the consequences of COVID-19 continue to take their toll.


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