The Bank of England says a cut below zero is not imminent but how could it affect mortgages, loans and savings?

The Bank of England has told high street banks and building societies they have six months to prepare for negative interest rates. BoE policymakers stressed that the request did not mean a cut in borrowing costs below zero was imminent or even likely, but with few tools left to boost the economy in the event of a downturn, the central bank needs negative rates to be available as an option.

How do negative interest rates work?

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