As highlighted in the September minutes of the Monetary Policy Committee (MPC), the Bank of England (the Bank) and the Prudential Regulation Authority (PRA) are commencing structured engagement on the operational considerations of a zero or negative policy rate. This structured engagement is not indicative that the MPC will employ a zero or negative policy rate. 

This letter has been sent to specific firms to help the Bank and PRA to understand the operational implications of implementing a negative or zero policy rate. 

All firms are welcome to complete the data template (see Appendix) and return it via email to negativeratesops@bankofengland.co.uk by Thursday 12 November 2020. 

Letter

Appendix: Data template