Posts Tagged 'interest rate cuts'

Banks and Building Societies Given 6 Months to Prepare for Negative Interest Rates

February 9, 2021 | Posted under: Money Advice

Banks and Building Societies Given 6 Months to Prepare for Negative Interest Rates Despite the rollout of Covid-19 vaccines, the Bank of England (BoE) has warned high-street banks and building societies in the UK that negative interest rates could be implemented later this year if the Coronavirus pandemic doesn’t get any better due to the recent discovery of new Covid-19 strains, which could potentially lead to another lockdown. As a result, banks have been given a 6-month window by the BoE…

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Coronavirus News: Interest Rates Slashed to Record Low to Protect Economy from COVID-19

March 11, 2020 | Posted under: News

Coronavirus News: Interest Rates Slashed to Record Low to Protect Economy from COVID-19 The cut is great news for borrowers, but not so good for those with savings. The Bank of England (BoE) has today announced emergency measures to help the economy during the ongoing coronavirus crisis. The Bank of England’s interest rate has been reduced from 0.75% to just 0.25% - a record low - to help encourage consumers to continue spending, support businesses and reduce the cost of attaining finance during…

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