Bank of England studies sub-zero rates in case troubles deepen | Malay Mail

A bus passes the Bank of England in London May 13, 2015. — Reuters pic

The Monetary Policy Committee said the economy was likely to continue its recovery and be 7 per cent below its end-2019 size in the third quarter. In August, the BoE had said the economy would be 9 per cent below its end-2019 level in Q3. On Wednesday, the US Federal Reserve promised to keep rates near zero per cent until inflation is on track to “moderately exceed” its 2 per cent inflation target “for some time”.

Sterling fell sharply after the announcement, weakening by around 0.5 per cent on the day against the US dollar to US$1.29.“The economic recovery has so far exceeded the Bank’s earlier projections but storm clouds are gathering with new social restrictions in place, the furlough scheme unwinding and Brexit rearing its head again,” said Jon Hudson, UK equities investment manager at Premier Miton.

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