MNI BRIEF: BOE Bailey: Not Reached Decision On Negative Rates

Bank of England Governor Andrew Bailey said that the BOE was "doing the groundwork" on negative interest rates and was not yet in a position to decide if and when they will implement them.

Bailey said, speaking at a Queen's University, Belfast event said that the Bank was "not out of room" on quantitative easing while highlighting the amount of further "important" work that was needed before any switch to negative rates.

He said that one area of research was tiering of rates but stressed that this was just an option rather than something that the Bank planned to introduce.

Asked about how tightening would, when it eventually takes place, be conducted Bailey said that it was an "open question" whether to hike Bank Rate first or to start unwinding quantitative easing.