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9/24, 4:38 PM (Source: TeleTrader)
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BoE's Bailey: No decision on negative rates yet

Governor of the Bank of England Andrew Bailey stated on Thursday the institution had "no view" on whether it should use negative rates to combat the crisis caused by the coronavirus pandemic as it still needed to "get answers" on the current situation.

Bailey stressed that the bank should have "negative rates in the toolbox because other countries have demonstrated they can do it" and that it would be a "cardinal sin not to look first at" if Britain "could use it too." He added the rhythm of the economic recovery remained uncertain as it "is reasonable to think the fast pattern of the recovery over the summer is not going to continue in the same way."

Bailey also briefly touched on the trade deal between the United Kingdom and the European Union, saying "it is in the interest of both sides to have" such an agreement.

Breaking the News / JR