Andrew Bailey, Governor of the Bank of England, confirmed that the bank is not looking to introduce negative interest rates at the moment. However, negative interest rates were not ruled out.
Speaking to Sky News, he said: “There’s no reason not to have them in the toolbox…but we’re not about to take a decision to do it.”
Following the announcement, there continued to be speculation about the potential for negative interest rates in the coming months.
And, it’s something which Matthew Yeates, Head of Alternatives & Quantitative Strategy at 7IM, has also addressed.
According to Mr Yeates, consumers in the UK could have a part to play in terms of whether the Bank of England makes the move to negative interest rates.
READ MORE: Interest rates ‘could go negative’ before end of year