BOE's Bailey: We should have negative rates in toolbox

Comment from the BOE leader

• We should have negative rates in the toolbox because other countries have demonstrated they can do it
• It would be a cardinal sin not to look first at whether the UK could use it too
• We have reached no view on whether we would use negative rates, we have got to get answers

The communication on this has been poor. There's no reason the BOE couldn't look at this behind closed doors then decide whether or not it's feasible before floating the idea publicly. Moreover, negative rates have been used for years in Switzerland and they're just getting around to examining them now?