The FCA and the Bank of England encourage market makers to change the market convention for sterling interest rate swaps from LIBOR to SONIA (the Sterling Overnight Index Average) in Q1 2020. This change is intended to move the greater part of new sterling swaps trading to SONIA and reduce the risks from creating new LIBOR exposures.
https://www.fca.org.uk/news/statemen...ps-spring-2020
https://www.fca.org.uk/news/statemen...ps-spring-2020