What might negative interest rates mean for UK banking services?

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 3 April 2021

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Fancy earning interest on a £10,000 loan? We’ll find out about what negative interest rates mean for consumers in Denmark and what might happen if they were introduced here. Felicity Hannah talks to Niels Arne Dam, Chief Economist at Finance Denmark and Paul Pester, former CEO of TSB and currently the chair of research and ratings agency Fairer Finance.

Women’s finances have been hit harder than men’s by the Covid crisis, so could that risk a widening wealth gap and how do we fix it? Maike Currie, investment director at Fidelity Investments and Professor Annamaria Lusardi, head of the Global Financial Literacy Excellence Center at The George Washington University School of Business have some ideas.

And, if you’re eating too much chocolate this weekend then you’re not alone! But can that tell us anything about how you plan your pension, your investments, your savings? Or does it just mean you like chocolate? Felicity talks to Dr Pragya Agarwal, a behavioural data scientist and Claire Walsh, a chartered financial planner.

Researcher: Jonelle Awomoyi Production Co-ordinator: Janet Staples Sound Engineer: Graham Puddifoot Producer: Ben Carter Editor: Emma Rippon

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family?
0:21.3	When lies are still being told to this day, who do you believe?
0:25.1	I wouldn't even know where to start.
0:26.7	And I'm with the IRA.
0:28.5	Steakknife.
0:29.7	Listen first on BBC Sounds.
0:33.5	BBC Sounds, music, radio, podcasts.
0:37.7	Hello, welcome to this Moneybox podcast.
0:40.2	In honour of the Easter weekend, today we'll be asking whether the urge to eat too much chocolate can tell us anything about the way we plan our finances.
0:47.9	And what would happen to our bank accounts and mortgages if the Bank of England introduced negative interest rates?
0:53.4	We'll find out what happened in Denmark.
0:55.3	But first, the last 12 months have been tough for everyone, but much tougher for some.
1:00.0	It's been an unequal crisis with certain groups and industries hit much harder than others.
1:05.0	And studies suggest that overall, women have been disproportionately affected by the lockdowns.
1:10.1	Globally, it's estimated that they've
1:12.0	been almost two times more likely than men to lose their jobs. Now, new figures from the investment
1:17.1	group Fidelity show that even those women who stayed in work have been hit hard financially.
1:22.2	Nearly a quarter of women have experienced a fall in their income since the crisis started,
1:26.6	losing an average of £463
	...

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