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US peace envoy warns high levels of violence could derail peace process             Ghani hands over Kabul security responsibility to Saleh             Trump urges California GOP to ífight hardí for unofficial ballot boxes             Russia, Turkey call for joint efforts to end Karabakh conflict            Spain extradites former Iranian banker sentenced to jail for corruption            Al-Shabab terrorists kill over dozen army troops in Somalia: Military             Kyrgyzstanís president resigns after days of unrest            Iran envoy to UN: Ordinary citizens fall victim to US economic terror amid outbreak            Fear of more wildfires in California as winds pick up            China warns US against Ďprovocative actionsí in Taiwan Strait            Asian, European stocks sink as virus, stimulus sour mood            Trump íarmyí of poll watchers could frighten voters, incite violence: officials warn             French police arrest head of Muslim NGO after raiding his house            Iran warns against US, Israeli, Saudi nuclear threats to global security            Over 1,000 prisoners to be freed in largest prisoner swap: Yemeni official            


DATE PUBLISHED: 2015/9/19 - 06:23:58
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ĎBritain might be forced to reduce interest ratesí
ĎBritain might be forced to reduce interest ratesí

The Bank of England's chief economist has warned of further cuts to the UK's interest rates over ‘another' financial crisis. 

Interest rates in the UK may have to be cut further from their record low level as Andy Haldane highlighted signs that the global financial crisis is entering a third phase of turmoil, a Guardian report says. 

Haldane cited evidence of a slowdown on the domestic front and risks to the global economy from China, where an economic downturn has coincided with a stock market rout that has sent shockwaves through the world's markets. 

This is while, the bank's governor, Mark Carney, has indicated that rates may rise from 0.5% early next year. 

Now Chris Bambery, political analyst in London, says the latest remarks by UK bank official shows the fragile state of banks in the UK, the US and Europe. 

Haldane, one of nine policymakers who set interest rates, was speaking a day after the US central bank decided to delay an interest rate hike for the world's biggest economy. The US rate-setters blamed a more fragile global outlook in remarks that further rattled jittery financial markets. The FTSE 100 fell more than 1% in the wake of the US decision. 

In a wide-ranging speech that called on central bankers to think more radically to fend off the next downturn - including the notion of abolishing cash - Haldane warned the UK was not ready for higher borrowing costs, the report added. 

The suggestion of cutting rates closer to zero, or even moving to negative interest rates for the first time in the Bank's history, adds fuel to the debate over where monetary policy goes next after more than six years of record low borrowing costs.

LINK: https://www.ansarpress.com/english/4163






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