The reasons for the repeal of the British Loan Interest Rate Control Act include economic liberalization and global competition.

1. Economic liberalization. After the 1980s, the United Kingdom began to gradually relax economic controls and regulations, promote market-oriented reforms and economic liberalization, and abolished many price and interest rate control measures, including loan interest rate controls. .

2. Global competition. Since the 1990s, with the continuous development of global financial markets and intensified international financial competition, the banking industry has undergone tremendous changes, and new financial markets and financing tools have emerged. The banking industry needs more innovative and competitive financing operations to support customer needs.

In general, the abolition of the British loan interest rate control law is the result of the development of market-oriented reforms and global competition.