Signaling that it may need to do more to the boe, signaling that it may need to do more to combat lower growth. Bloombergs Francine Lacqua spoke to andrew bailey, the bank of england governor, following that policy decision. Gov. Bailey we are keeping options open on that. Im very clear on that. Other members of the committee thought it was a sensible decision to take in our next meeting, when we may have more information. Francine are we any closer to negative rates, or is that not an option right now . Gov. Bailey we are not ruling anything out because it would be unwise of us to rule anything out in terms of responses. I dont want to say we are nearer to negative rates, but we are not ruling anything out. Francine under what circumstances will we get negative rates . Gov. Bailey its a complicated question. You have to view it in the context of the times, also in the context of the financial structure we have, and what are the consequences of it. I just want to caution, we are nowher
And of austerity. The u. K. Prepares its biggest dose of stimulus in decades. It really is said to plan doublings doubling stimulus to combat the outbreak. President trump appears to a coronavirus conference. He was expected to announce a major stimulus package that he hyped himself the day before. And, taking a hit. Couldsays the coronavirus knock First Quarter quarter china revenue by one billion euros. We will speak to the ceo in just over a half an hour. Youve got some breaking news down there on the green from the bank of england. Anna absolutely, breaking news. Itsbank of england reduces bank rate. The bank of bank rates by 50 basis points. 20. 25 . A surprise rate cut from the bank of england. Just as we saw a surprise rate cut from the fed. Here we are seeing me seeing a great deal of cooperation theeen the fiscal side of monetary side in the u. K. Investments are waiting for an update, waiting for the government to respond to the coronavirus. We are also hearing about a Moneta
Professionals, carers, Public Health officials, and volunteers across the country, and the exceptional efforts of the sco abroad. U. K. Citizens the bank of englands role is to help households manage through an economic shock that could prove large and sharp, but temporary. That is why the bank is announcing a comprehensive timely package of measures to help u. K. Households and measures bridge across the economic disruption caused by covid19. These measures will keep firms in business and people in jobs, and they will prevent a temporary disruption from causing longer lasting economic harm. Maximizing our response requires ordination across all of the banks coordinating committees. That is why all policy committees are simultaneously theng today, maximizing effectiveness of our response requires working in concert with treasury. Ys that is why we are acting on budget day, when the chancellor will announce a series of government initiatives to support u. K. Households and businesses. A
Geneva in switzerland is someone who has advised a shadow chancellor who has a guy standing cofounder of the basic Income Earth Network guy thanks so much for coming back on so after years of tory austerity the un called it callous policies driven by a political desire for social reengineering how well prepared is the chancellor to offer policies in response to Something Like coronavirus well to be frank i think its almost irresponsible to be having a budget today the chancellor is a young man whos never had a senior government position before and hes been in the job for weeks to prepare a complex budget and an extremely sensitive moment in our modern history when weve not only got the pandemic rushing towards us but the World Economy is at the very very fragile state where bad mistakes at. National and International Level could lead us into a big recession i want to get to those macro level top topics in a 2nd but im not sure in geneva or if youve been following it but obviously Boris
Offer policies in response to Something Like coronavirus well to be frank i think its almost irresponsible to be having a budget today the chancellor is a young man whos never had a senior government position before d and hes been in the job for weeks to prepare a complex budget and an extremely sensitive moment in our modern history when weve not only got the pandemic rushing towards us but the World Economy is at the very very fragile state where bad mistakes at national and International Level could lead us into a big recession i want to get to those macro level top topics in a 2nd but im not sure in geneva or if youve been following it but obviously Boris Johnson fired his defacto finance minister a few weeks ago and they say its dominic. Cummings who is the real chancellor of the country so we can take maybe something from Dominic Cummings his blog he said he would support even if it is income tax to boost growth what you make of that in the indeed happens of the budget today well