BoE's Besley: rate cut won't save the day
A cut in bank rate, on its own, is not a magic bullet, said Timothy Besley, a member of the Bank of England's Monetary Policy Committee.
Speaking in London, he said that policy rates had a very different impact depending on the prevailing economic climate, and that what mattered most was that the policies directed towards restoring normal conditions in credit markets were effective. "Financial intermediaries play a crucial role in the transmission of monetary policy. Hence, as long as credit
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