Bank of England Deputy Governor Dave Ramsden said on Wednesday that this is not the appropriate time to use negative interest rates as the UK [economy][1] and financial system are weighed down by the shock from the coronavirus, or Covid-19, pandemic and concerns over a highly uncertain outlook.
That said, negative rates will remain in the central bank’s tool box for potential use in future when policymakers’ assessment of their effectiveness change, he said in a speech.
“As the MPC has made clear, we will keep the appropriateness of all tools, including negative rates, under review,” Ramsden added.
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