The official of the Bank of Englanda (BoE) Michael Saunders provided further comment on Thursday, saying that lowering the bank rate would be the best tool in case of wanting to lower the yield curve, Reuters reported.
“The duration of the COVID pandemic is having negative effects on people’s skills and company balance sheets,” Saunders said. He explained that the longer the crisis, the greater the risk of permanent effects.
Regarding negative interest rates, Saunders said analysis to decide on interest rates at negative levels is not necessary at present.
Regarding the economy, He stated that the UK’s recovery will be viewed as incomplete until unemployment returns to levels close to what it was before the pandemic.
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