BOE's Broadbent: Question on negative rates is whether or not they would be effective

Comments from the MPC member

• It's probable that mitigating efforts could be stronger when bank balance sheets are under pressure
• We will be getting answers back from banks on negative rates soon
• Question of whether we would cut rates below zero will rest on economic questions
• There are complex issues involved in negative rates

That's kind of like asking prisoners whether they want a lock on the cell. I imagine banks are going to tell the BOE anything they can to avoid negative rates.