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UK base rate drops for second time in a week

UK base rate drops for second time in a week

Commenting on the latest base rate reduction to 0.1%, Karim Haji, Head of Financial Services KPMG UK says.

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“This is just the latest in a series of unprecedented actions and it will not be the last. The Bank of England is doing everything it can to ensure cash gets where it’s needed most as quickly as possible. Whilst the rate reduction will certainly be felt by the finance sector, the ramp up in quantitative easing, alongside other measures announced earlier this week, will ease the pain. No one could have predicted the outbreak of this pandemic and everyone is working furiously behind the scenes to try to minimise the impact and aid a swift recovery.”

ENDS

Follow Karim on twitter: @Karimhaji16

For further information please contact:

KPMG Press office
Tel: +44 (0) 207 694 8773

Christina Bridge, KPMG Corporate Communications
07789 504905
Christina.Bridge@KPMG.co.uk

Olivia Shalofsky, KPMG Corporate Communications
+44 207 3112370
Olivia.Shalofsky@KPMG.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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