BoE’s Ramsden: UK not yet ready for negative rates

Dave Ramsden
Dave Ramsden

There are several operational and economic challenges to overcome before negative rates could be used in the UK, the Bank of England’s Dave Ramsden said on September 28.

“We’re not about to use them imminently,” the deputy governor told an online event hosted by the Society of Professional Economists. He estimated the effective lower bound for rates to be 0.1% at present – the current level of the policy rate.

Market pricing had implied a strong chance of negative rates being used by the BoE

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