Technical factsheet: LIBOR transition – SME frequently asked questions

In 2017, public authorities globally announced that LIBOR (London Interbank Offered Rate), the most common benchmark that lenders use to calculate the interest rate for financial products in the UK, was no longer sustainable and the market should move to robust alternative rates by 31 December 2021. This will affect a significant number of businesses. This factsheet covers all the main information needed to prepare for the transition and provides links to the documents and websites that offer more detail.