The Bank of England needs to cut interest rates

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      Michael Saunders, a member of the Bank of England's Monetary Policy Committee (MPC), said on Friday that the Bank of England would probably need to cut interest rates if uncertainty about Britain's withdrawal from Europe persisted. This is the first clear signal that the Bank of England is considering a rate cut.
"If Britain avoids a non-agreed withdrawal from Europe, interest rates may rise or fall. I think it's quite possible that the next step is to cut rather than raise interest rates, "he told local businesses in Barnsley, northern England.
Saunders said he believed that even if a no-agreement exit could be avoided, the high uncertainty of Britain's exit would continue and continue to act as a "slow gas" to the British economy, leading to a very low rate of economic growth.
"In this context, it may be appropriate to maintain a highly relaxed monetary policy position for a long time, or even at some stage, especially if global economic growth remains disappointing," he said.
He added that simply waiting to see what happened after Britain's withdrawal from Europe would lead to misguided monetary policy and that if the economic outlook improved, the cost of reversing interest rate cuts would be lower. He spoke at events sponsored by Barnsley and the Rotherham Chamber of Commerce and the Chartered Accountants Association.
"Generally speaking, I tend to be flexible, adjust policies to keep the economy on track if necessary, and accept the situation that may need to change direction in case the outlook changes dramatically," he said.
Saunders said he still agreed with the Bank of England's previous guidance that interest rates would need to rise in the medium term in a limited and gradual manner if the uncertainty of the British recession was reduced dramatically and global economic growth increased slightly.
Sanders reiterated the Bank of England's position that all policy options are possible in the absence of an agreement to withdraw from Europe, depending on the extent of damage to economic growth and the jump in inflation caused by the devaluation of the pound.


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