FXStreet reports that economist at UOB Group Lee Sue Ann reviewed the latest BoE event.

“As expected, all nine members of the Monetary Policy Committee (MPC) voted to keep the main lending rate at 0.10%. However, much of the attention was on the reveal that the BOE and Prudential Regulation Authority will begin work in 4Q20 on the operational considerations around a move below zero.”

“The overnight commentary from the BOE reinforces our view that the BOE is ready to embark on further efforts to counter the economic slump. It is now a case of when, not if, the MPC eases again. Having said that, we think it is more likely to push the effective lower bound (ELB) by cutting the Bank Rate once more this year, but keep rates positive. A decision on that is possible at the next 5 November meeting.”