Comments by BOE policymaker, Ben Broadbent
- Economic recovery will be linked to vaccine rollout
- Recovery will also depend on how cautious people are going forward
- When furlough scheme ends, unemployment very likely will go up
- Not unusual for banks to need time before negative rates
- ECB had similar preparation time for negative rates
The BOE had some hawkish connotations yesterday and Broadbent's attempt to try and sound more neutral here isn't going to change much of the underlying tone really. Despite talk of negative rates, they were clear that it remains as an insurance policy for now.
