Sat. Jan 16th, 2021

Sweden ends negative interest rates; Bank of England decision looms – business live

Rolling coverage of the latest economic and financial news

11.00am GMT

Here’s our news story on this morning’s retail sales shocker:

Related: Retail sales at 19-month low as Christmas shoppers leave it late

10.26am GMT

The Wall Street Journal has a good take on Sweden’s interest rate hike. Here’s a flavour:

Sweden’s central bank, one of the pioneers in wielding negative interest rates, became the first to end that policy Thursday, a move closely watched by other institutions that have resorted to what was supposed to be a radical and short-lived measure.

In 2009, the Riksbank, the world’s oldest central bank, became the first to charge commercial banks to hold deposits rather than pay them interest. In 2015, it lowered its key policy rate below zero, following a similar move by the European Central Bank the year before.

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