U.K. Banks Prepared for Negative Rates in Case Recovery Crumbles Lizzy Burden, Silla Brush and Tom Metcalf, Bloomberg News A Lloyds Banking Group Plc company logo above an automated teller machine (ATM) in Chelmsford, U.K., on Thursday, Feb. 11, 2021. The U.K. economy grew at double the pace expected in the fourth quarter, showing signs of resilience to coronavirus restrictions at the end of a year that delivered the worst recession since 1709. Photographer: Chris Ratcliffe/Bloomberg , Bloomberg (Bloomberg) -- Britainâs biggest financial institutions are on track to meet the Bank of Englandâs deadline to be ready for negative interest rates, giving authorities another tool to aid the economy if the recovery fades.