| UPDATED: 22:51, Wed, Jan 13, 2021
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Negative interest rates have so far never been introduced in the UK’s history, despite their use in other countries, such as Japan and Switzerland. However, when the Bank of England took the decision to reduce its base rate to an historic low of 0.1 percent, the move was a shocking one. It led to further speculation regarding interest rates, and whether these could even be lowered further than the current rate at which they are set.