LIBOR, the common interest rate benchmark used in contracts, is ending. Businesses need to take action to check their exposure and speak to their lenders and advisers about transition.
LIBOR is the benchmark that lenders use to calculate the interest rate for financial products – it can also be found in other contracts. However, LIBOR is being replaced by a more transparent
benchmark called SONIA in the UK. Lenders will no longer be able to issue loans based on LIBOR from 1 April and new loans