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- BoE's Deputy Governor Ramsden: BoE’s central case sees economy recovering steadily, but there are real uncertainties and risks
BoE's Deputy Governor Ramsden: BoE’s central case sees economy recovering steadily, but there are real uncertainties and risks
- We are not about to use negative rates imminently
- Sees the effective lower bound at 0.10%
- If you have negative rates in the toolbox, you are duty-bound to explore in more detail the operational considerations
- But there are real uncertainties and risks from COVID-19, U.S. election, Brexit
- Says he is particularly focused on labor market
- Need to also factor in Sunak's changes to UK job support into November forecasts
- Engagement with banks on negative rates will take time
- Our central case sees unemployment picking up "really sharply" this year
- More likely unemployment will peak above 7.5% than below, be slower to fall
- Risk is that households will be more cautious of COVID-19 rather than less
- We remain ready to act further if needed
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