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In an interview with the Yorkshire Post, Bank of England (BoE) Deputy Governor Dave Ramsden said some people have been able to accumulate a lot of savings but those people are typically more in high-income brackets, as reported by Reuters.

“We want to be in a position that if things didn’t get better as we are forecasting, the tool of negative rates can be feasibly used if at the time we made the policy decision to use it,” Ramsden added. “Contingency planning is very different from thinking negative rates will be used.”

Market reaction

The GBP/USD pair edged slightly higher following these remarks and was last seen trading unchanged on the day at 1.3934.

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