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BOE's Bailey Says Negative Rates Are in Their Tool Box

Feb.04 -- The Bank of England told banks to start getting ready for negative interest rates, while saying that message shouldn’t be taken as a signal that the policy is imminent. BOE Governor Andrew Bailey spoke to reporters after the bank left its key rate at a record low of 0.1%.

Video Transcript

ANDREW BAILEY: We have said many times that we have not given any signal on whether we would or indeed when we would use negative interest rates. What we said is that we think it's appropriate to have them as a tool that we could use, so as a tool in the tool box.

And the announcement we made today was that we are going to work with the banks to-- to-- to get things in place to do that. But let me say there is no signal [INAUDIBLE] whatsoever that we would do it or when we would do it-- no signal at all.