Bank of England Could Cut Rates Further, MPC Member McCafferty Says

The Bank of England (BOE) could cut rates further and boost bond purchases if the economic downturn in the U.K. deepens, a rate-setter at the central bank said Tuesday.

Last week, the BOE slashed its benchmark interest rate to a record low of 0.25 percent, announced an increase in government bond purchases, and lowered its economic growth forecast as the U.K.’s vote to leave the European Union (EU) increased uncertainties.

“If the economy proves to have turned down in line with the initial survey signals, I believe that more easing is likely to be required, but that can easily be delivered in coming months,” Ian McCafferty, an external member of the BOE’s Monetary Policy Committee wrote in an Op-Ed for the Times of London newspaper.

CNBC

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