May 14, 2020 / 11:04 AM / 23 days ago

Bank of England not considering taking rates below zero - Bailey

LONDON, May 14 (Reuters) - The Bank of England is not considering taking interest rates below zero, Governor Andrew Bailey said on Thursday.

Bailey, speaking in a webinar organised by the Financial Times, said it was never wise to rule anything out but moving the BoE’s benchmark rate into negative territory would be a “very big step” and would require “an extensive communications exercise.”

The BoE cut its Bank Rate twice in March to an all-time low of 0.1%. (Reporting by Andy Bruce Writing by William Schomberg)

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