06.08.202012:49:00UTC+00UK Interest Rates Not To Turn Negative Soon, BoE Chief Says

The Bank of England is unlikely to cut interest rates below zero anytime soon, Governor Andrew Bailey said Thursday.

Negative rates are part of the toolbox, Bailey said. "But at the moment we do not have a plan to use them."

Earlier in the day, the bank had retained its interest rate at a record low 0.10 percent and retained the size of the asset purchase programme at GBP 745 billion.

The bank had projected the jobless rate to rise materially, to around 7.5 percent by the end of the year. Bailey said this is a very bad story for the UK.