We expect the BoE to remain on hold with rates until at least 2023, despite inflation being moderately above the 2% target, in line with the Fed and the ECB. QE tapering is likely to start in H2 2022, but until then we expect liquidity to remain at high levels. This is needed for government spending in order to allow sustainable financing costs for the newly issued debt for the future stimulus plan (we expect GBP100bn to be announced in March). These are our forecasts for the UK:   Actual Value Central Bank Rate 31/12/2020 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 31/12/2026 31/12/2027 31/12/2028 31/12/2029 31/12/2030 31/12/2031 0.10% 0.50% 0.75% 0.75% 0.10% 0.10% 0.10% 0.43% 0.76% 1.09% 1.42% 1.75% 2.08% 2.41% 2.74% 3.40%