8/6, 11:24 AM (Source: TeleTrader)
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BoE's Bailey: No plans to use negative rates

Bank of England Governor Andrew Bailey said on Thursday that the central bank does not plan to use negative rates amid the coronavirus crisis for the time being.

"They are a part of our toolbox ... but at the moment we do not have a plan to use them," Bailey told reporters during a virtual press conference. He warned that the COVID-19 pandemic poses that largest risk to the British economy but noted the United Kingdom's potential failure to reach a trade deal with the European Union by the end of the transition period also presents a downside risk for the economy.

Earlier, the Bank of England's Monetary Policy Committee unanimously decided to keep interest rates unchanged at 0.1% and extended the government and corporate bond purchase program at the same level of £745 billion.

Breaking the News / NP