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Negative rates are one possible tool the Bank of England (BoE) could use to support demand, BoE Monetary Policy Committee (MPC) member and Deputy Governor, Sir Jon Cunliffe, said on Tuesday.

Additional takeaways

“There are mixed views of the evidence in favour of negative rates.”

“MPC will want to think about impact negative rates would have on the UK financial system.”

“Negative rates have led to confusion among firms and households in areas where they have been implemented.”

Market reaction

The GBP/USD pair largely ignored these comments and was last seen posting small daily gains at 1.2730.

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