The party’s plan, released on Monday June 17, said: “Bank of England must stop paying interest to commercial banks on QE reserves. The factsCommercial banks are paid interest on the money they hold with the Bank of England. The Bank currently pays 5.25% on these deposits – that is the same as the official base interest rate. The NEF said the Bank could “pay interest on a smaller portion of reserves”. This would save the Bank money on interest payments to the commercial banks.

Source: The Star June 18, 2024 12:11 UTC