Bank of England to overhaul consumer interest rate statistics
Changes are designed to ensure the statistics reflect consumers’ experiences “as closely as possible”
The Bank of England is to roll out reforms to statistics on the interest rates offered to households, as it seeks to ensure the data continues to reflect consumers’ experiences.
Dominic Tighe and Alister Ratcliffe of the BoE’s statistics department write that the “quoted rates” will be updated in early 2019 to be based on a larger number of lenders, while products will be adjusted to “more closely match those bought by consumers”.
The statistics are designed to reflect the average rates paid
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