BoE's Ramsden says now not the time for negative rates

FILE PHOTO: Bank of England Deputy Governor for Markets and Banking, Dave Ramsden attends a Bank of England news conference, in the City of London, Britain November 1, 2018. Kirsty O’Connor/Pool via REUTERS

LONDON (Reuters) – Cutting interest rates below zero risks damaging British banks’ capacity to lend, and is not currently the right tool for the Bank of England to stimulate the economy, Deputy Governor Dave Ramsden said on Wednesday.

“While there might be an appropriate time to use negative rates, that time is not right now,” Ramsden said, adding that asset purchases were a better way to boost demand.

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