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MNI BRIEF: BOE's Haskel Ready To Deploy Negative Rates

(MNI) LONDON
LONDON (MNI)

Bank of England Monetary Policy Committee member Jonathan Haskel said Friday he will vote to take policy rate negative if it was needed to ensure that the economic weakness following the Covid shock was not amplified. "Risks to activity remain skewed to the downside" and that policy should lean against these downside risks, he said, although underlining it was his view.

According to Haskel, the MPC should be ready to deploy "all the tools available," noting that banks have been instructed to be ready for negative rates by August. His remarks underscore the opinion of some external MPC members, who are unconvinced that the UK economic recovery is assured and that there could yet be votes in support of negative rates.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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