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Interest rates took a tumble as a result of the Bank of England’s decision to lower its base rate in March 2020 to 0.1 percent. Many familiar providers followed suit, making it a challenge for those who were hoping to grow their money. As the challenging situation continues for savers, speculation has mounted about the potential for negative interest rates.
| UPDATED: 14:36, Thu, Feb 25, 2021
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Interest rates have unfortunately taken a tumble recently, as a result of the ongoing COVID-19 pandemic. The Bank of England reduced its base rate to a staggering low of 0.1 percent in March 2020, and has kept the rate at the same level since. This has had a knock on effect on banks and building societies across the UK, and thus on Britons who are wishing to put their money away to let it grow.