Bank of England economists are considering the possibility of lowering the policy rate below zero, despite current and former governors expressing opposition to the policy in the past.

In testimony before the UK Parliament’s Treasury Committee on May 20, governor Andrew Bailey said: “I have changed my position a bit” on negative rates.

“We do not rule things out as a matter of principle,” he stressed. But, he added, “that doesn’t mean we rule things in either”. He said other central banks that

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