BoE’s Cunliffe: central banks not causing low natural rates
Sterling fall may require deviation of policy rate from natural rate
The Bank of England (BoE) is not causing a low natural interest rate through its quantitative easing (QE) programme, deputy governor Jon Cunliffe said on November 16.
QE responds to the very low natural rate, which may be affected by other factors, including structural changes in the economy and "demand headwinds", said Cunliffe, but it is not in itself a cause of the low natural rate. The BoE has come in for criticism because of the impact of low interest rates on savers.
Normally, when the
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