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Forecast of average bank interest rate in the UK 2008-2022

Based on an "illustrative scenario" in which the United Kingdom (UK) moves to a comprehensive free trade agreement with the European Union (EU) on the 1st of January 2021, this forecast shows the expected annual average bank base interest rate in response to the current Covid-19 pandemic. In a bid to minimize the economic effects of the Covid-19 virus, on the 19th of March 2020 the Bank of England cut the official bank base rate to a record low of 0.1 percent. This historic low came just one week after the Bank of England cut rates from 0.75 percent to 0.25 percent in a bid to prevent mass job cuts in the United Kingdom. In the current forecast scenario, bank interest rates are set to stay between 0.1 percent and 0.2 percent up to 2022.

Forecasted annual average bank interest rate in the United Kingdom (UK) from 2008 to 2022

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Sources

Release date

May 2020

Region

United Kingdom

Survey time period

2008 to 2019

Supplementary notes

The source added the following information "The illustrative scenario is conditioned on the assumption that the UK moves to a comprehensive free trade agreement with the EU on 1 January 2021."

Bank rate: Per cent. The path for Bank Rate implied by forward market interest rates. The curves are based on overnight index swap rates
* Average over the period.

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