Negative interest rates explained: how your finances could be affected

  The Week  

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Description  Money experts share their views and advice Credits  Peter Macdiarmid/Getty Images Alt Text  The Bank of England in London Money experts share their views and advice In Depth Monday, October 19, 2020 - 3:00pm After cutting interest rates to the current historic low of 0.1% in March, the  Bank of England (BoE) has been dropping hints that rates could be set to go negative. A negative interest rate gives consumers and businesses an “incentive to spend or invest money rather than leave it in their bank accounts where the value would be eroded by inflation”, explains theInternational Monetary Fund . And the UK economy needs a cash boost as the coronavirus pandemic continues to take a heavy financial toll.   Intimations from “various members of the central bank’s policy committee suggest that they aren’t desperate to go negative”, however - but “nor are they ruling it out”, says MoneyWeek ’s John Stepek. On 12 October, the BoE’s Prudential Regulation Authority sent a letter

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