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In an attempt to limit the economic fallout from the COVID-19 pandemic, central banks around the world have slashed bank rates to record lows. In the UK, the Bank of England Bank Rate sits at an all-time low of just 0.1%, amid speculation of further cuts. 

At the same time, work continues on the transition from LIBOR. Certain interim milestones have been delayed as a result of COVID-19. However, a joint statement of the FCA, Bank of England and Working Group on Sterling Risk-Free Reference Rates made clear that firms must continue to work on the basis that LIBOR will not be published after the end of 2021.