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Bank of England moves closer to negative interest rates
By Russell Lynch
The Telegraph, London
Thursday, September 17, 2020
The Bank of England today took another step towards controversial negative rates amid rising Covid infections and a looming unemployment crisis.
The bank's Monetary Policy Committee unanimously voted to hold interest rates at their record low of 0.1 percent and kept the scale of its money printing programme unchanged at L745 billion.
However, minutes of the meeting said the committee 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."
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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. ...
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