Should the BoE go negative?

Bank of England
Photo: Juno Snowdon Photography

The Covid-19 crisis has forced many central banks to innovate. In the UK, having cut rates, expanded quantitative easing, bought commercial paper, eased regulatory requirements and offered banks cheap funding in exchange for lending, the Bank of England is now casting around for further tools.

The BoE had previously ruled out one option that several other central banks have already tried: negative rates. Mark Carney ruled it out last year. But his successor as governor Andrew Bailey told a

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