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Bank charges: BoE considers negative interest rates

The Bank of England (BoE) is considering implementing negative interest rates in order to boost growth.

Deputy governor for financial stability, Paul Tucker, has said that the bank hopes to implement 'extraordinary' changes to encourage banks to lend money to small businesses.

The change that has been suggested is for BoE to impose a rate for banks that will be separate to the base rates for mortgage and savings interest.

Mr Tucker said that in spite of current government schemes, such as the Funding For Lending Scheme (FLS), had been failing to boost lending to small businesses. He felt that smaller businesses are vital to keeping the economy moving.

BoE has been evaluating various ways to encourage growth in the economy as it has seen very slow growth and believes a recovery will take more time than hoped.

This slow recovery within the economy led a major credit agency, Moody's, to downgrade Britain's credit rating from AAA to AA1.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801547963-ADNFCR

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