Negative interest rates would have “considerable” operational and opportunity costs for UK banks, senior banking executives told the Treasury Committee.

During a 14 December evidence session on the economic impact of the Covid-19 pandemic, the group of MPs tasked with holding the government and City to account heard from HSBC, Lloyds, NatWest, Santander and fintech Starling as the central bank considers all of its tools to support the economy as it weathers the impact of the Covid-19 pandemic.