Mainstream economic commentators are currently anticipating an upward movement in interest rates in the UK. Many even anticipating it to occur in the immediate run up to the General Election.
However, rates paid by borrowers in the UK are already some of the highest in Europe. And the lending rates are until very recently clearly lower. Here is my latest comparion of some key average interest rates across some of the most relevant countries in Europe.
There are links to the source data in the earlier comparisons – see below. And one can see that across Europe in these years borrowing rates have been lower in the countries compared here. And have even been falling more in the other countries since 2012.
This is the latest in a series of such comparisons
that we have done – begining in December 2011 when we used the comparison to call for the way in which the Bank of England set interest rates to be changed
We also did a comparison in late 2012 when we brought these issues to the attention of the Parliamentary investigation into the rigging of interest rates.
This has all been part of a stream of work concerned with challenging the power of the Bank of England, whose role in our recent UK history goes far beyond the setting of interest rates.