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The Bank of England (BoE) aims to keep borrowing costs at rock-bottom levels for as long as necessary to get the economy moving, Andy Haldane, the Chief Economist of the BoE, said on Monday, as reported by Reuters.

“Financial markets point to a lengthy period of very low interest rates but things can change,” Haldane further noted. “A successful COVID vaccine would be a game-changer. A credible vaccine announcement would significantly boost public and business confidence.”

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen gaining 0.23% on the day at 1.3184.