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The Bank of England has raised the prospect of introducing negative interest rates to get borrowing going in Britain again, which means the central bank charges banks to hold their money and could encourage them to lend out more of their funds.

People could see their savings hit or face new charges on their current accounts after a senior official at the Bank of England proposed the “extraordinary” measure of imposing negative interest rates on banks.

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With the base rate at a historic low and with plans to be negative, mortgage repayments for new borrowers have reached their most affordable levels for 15 years.

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This graph with information provided by the Bank of England shows how interest rates have been held at their historic low of 0.5% since March 2009. Although several other central banks have experimented with negative interest rates in recent years - most notably Sweden and Denmark - this is the first time the idea has been raised by a Bank of England official.

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Speaking to the Treasury Select Committee, Paul Tucker, the Bank of England's deputy governor for financial stability said: "This is an idea I have raised. This would be an extraordinary thing to do and it needs to be thought through very carefully."


Sky News & BBC News