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Bailey says I don't think its useful to think of ELB as a single number." One of the reasons we have taken the reason to intend to cease reinvestment when Bank Rate reaches 0.50% is based on a couple of things. First, negative rates gives the option to enable to live with the ELB. Second, the Bank does not rule out that if there is a shock to the economy, reinvestments can be stopped and QE can restart.