Bailey: We have a lot of practical work to do before we could cut below zero

Author: Adam Button | Category: Central Banks

More from the BOE leader

  • If we cut rates below zero, would need to explain it very carefully to public
  • Cannot put a date on when we could do it
  • Tiered interest rates would add operational complexity
  • I don't expect a sharp downward move in house prices when stamp duty land tax exemption expires, but would not be surprised to see transactions fall a bit
Importantly, he's not saying they're going to do it; he's just reiterating that they're taking steps to make it an option.

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