Bank of England moves a step closer to negative rates

[arista]

[The Bank of England took another step towards
controversial negative rates on Thursday amid
rising Covid infections and a looming unemployment crisis.
The Bank’s Monetary Policy Committee (MPC)
unanimously voted to hold interest rates at their
record low of 0.1pc and kept the scale of its
money printing programme unchanged at £745bn.
However, minutes of the meeting said the MPC
had been briefed on the Bank's plans
“to explore how a negative Bank Rate could
be implemented effectively, should the outlook
for inflation and output warrant it at some point”.
The Bank of England and the Prudential
Regulation Authority “will begin structured
engagement on the operational
considerations” of the move in the
final quarter, the minutes said.
Major central banks including the Bank of Japan,
the Swiss National Bank and
the European Central Bank have already
taken rates below zero, although retail
depositors have been shielded.]


From Friday Telegraph.
Right side of Front Page

https://c.files.bbci.co.uk/13935/production/_114418108_dailytelegraph.jpg

[arista]

Bank of England asks banks if they are ready for negative interest rates


1315580895018061824


https://www.theguardian.com/business/2020/oct/12/bank-of-england-negative-interest-rate-borrowing?utm_term=Autofeed&CMP=twt_gu&utm_medium&utm_source=Twitter#Echobox=1602493814

[Cherie]

Bank of England asks banks if they are ready for negative interest rates


1315580895018061824


https://www.theguardian.com/business/2020/oct/12/bank-of-england-negative-interest-rate-borrowing?utm_term=Autofeed&CMP=twt_gu&utm_medium&utm_source=Twitter#Echobox=1602493814

so the banks would have to pay us if we take out a loan :amazed:

:idc:

[arista]

[Woods set a deadline of 12 November – a week after the Bank’s nine-strong monetary policy committee next meets – for banks to respond.]

Some may take cash out of their banks

[smudgie]

[Woods set a deadline of 12 November – a week after the Bank’s nine-strong monetary policy committee next meets – for banks to respond.]

Some may take cash out of their banks

Some of us have the perfect excuse to spend spend spend now.:hehe: