Bank of England asks banks if they are ready for negative interest rates
by Larry Elliott from Economics | The Guardian on (#5919J)
Lenders asked what steps they would take if official borrowing costs were pushed below zero
The Bank of England has moved a step closer to adopting negative interest after writing to banks asking them how ready they would be for the groundbreaking move.
Sam Woods, one of Threadneedle Street's deputy governors, has asked banks what steps they would need to take in the event that official borrowing costs were pushed below zero.
What would happen to my mortgage?
Related: Bank of England plays down use of negative interest rates to aid recovery
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