September 28, 2020
- A d v e r t i s e m e n t
Britons should go out and spend to help invigorate the UK’s economic recovery, the deputy governor of the Bank of England has urged. In unusually unguarded comments for a banker, Charlie Bean yesterday discouraged people from building up cash savings which generate little income due to historically low interest rates.
Bean, who sits on the Bank’s monetary policy committee that set the base interest rate, admitted it was being held down in the hope families would use their cash and thereby help reflate the economy.
Low interest rates could persist for several years, he said. They have been at 0.5% for a year and a half. The next monthly rate-setting decision is due next week.