2025-06-15-Jefferies-准备金报酬（再议）_6页_85kb

Summary

• Background: The topic of reserve remuneration resurfaces, driven by calls from the Reform Party to abolish interest on reserves at the Bank of England. This idea is amplified in the US with similar proposals linked to the "Big, Beautiful Bill".
• Current Numbers: UK assets from BOE reserves total £671bn, with an annual interest cost of £29bn at the base rate. By 2026, reserves could drop to £500bn, reducing costs to ~£18bn.
• Feasibility: Reducing remuneration is possible by maintaining a base rate for marginal reserves, but careful calibration is needed to avoid unintended bank behaviors like shifting funds to unremunerated tiers.
• Potential Impacts:Lower remuneration might discourage bank participation in future schemes, reduce savings rates for customers, and negatively affect banks' profitability. It could also lock liquidity and hinder growth.
• Conclusions: A large zero-rate tier is unlikely in the near term; a small tier might save the government £1-2bn but carries high risks, especially with UK banks already having high tax rates. Overall, the policy change is not recommended.