BoE's Haldane: We are reviewing negative rates

"If there was a further negative shock to the economy we would need to think about further lowering of the cost of borrowing," Andy Haldane, the Chief Economist of the Bank of England (BoE), said on Monday.

Key takeaways

"I am reassured that more will be done on the fiscal policy if needed."

"A quarter of UK companies might have over-leverage problems."

"It is worth thinking about tackling corporate debt overhang problems in a more systematic fashion."

"Would favour agencies that operate at an arm's length from the government on corporate debt."

"Thought QE was not needed in June because of large amounts of monetary and fiscal stimulus in economy."

"We could do more QE, could purchase other assets."

"We are reviewing negative rates."

"There are some possible downsides of negative rates."

Market reaction

The GBP/USD pair paid little to no mind to these remarks and was last seen gaining 0.68% on a daily basis at 1.2650.