⁍ Bank of England has not ruled out cutting rates below zero.

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⁍ But there are key differences in Britain’s economic situation and its banks.

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⁍ This could make negative rates less effective, while damaging bank business models.

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– The Bank of England is one step closer to introducing negative interest rates for the first time in its history, the BBC reports. According to the Wall Street Journal, the central bank is expected to cut its benchmark interest rate from 0.5% to as low as 0.25% at its next policy meeting on Nov. 2. The move would be the first time the BoE has ever tried such a move. The Journal reports the British economy is weak, unemployment is high, and inflation is low. According to Reuters, the BoE estimates that UK household deposits grew by $22.29 billion a month in the first six months of the year. That’s more than triple the rate in the previous six months. The BoE believes negative rates could boost the economy by boosting lending to businesses and consumers. According to the Journal, the BoE believes negative rates could boost the economy by spurring companies to invest and create jobs. But analysts believe negative rates won’t be as effective as they were in 2014 when the European Central Bank introduced negative rates. According to the Journal, the BoE believes negative rates could boost the economy by spurring companies to invest and create jobs. But analysts believe negative rates won’t be as effective as they were in 2014 when the ECB rolled out negative rates. According to the Journal, the British economy is weak, unemployment is high, and inflation is low. The BoE believes negative rates could boost the economy by spurring businesses to invest and create jobs. According to the Journal, the BoE believes negative rates could increase the number of jobs in the UK. According to the current unemployment rate of 4.6%.