Bank of England moves a step closer to negative rates
[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/pro...ytelegraph.jpg |
Bank of England asks banks if they are ready for negative interest rates
https://www.theguardian.com/business...box=1602493814 |
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[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 |
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