Bank of England says banks need 6 months for any sub-zero rates

The British central bank said it would ask banks to get ready for the possibility of negative rates, but that financial markets should not view sub-zero borrowing costs as a foregone conclusion

Britain's banks would need at least six months to prepare for any cut in interest rates below zero, the Bank of England said on Thursday as it kept its stimulus programmes on hold ahead of what it hopes will be an economic recovery later this year.
 

The pound jumped by more than a cent against the US dollar and 10-year British government bond yields rose to their highest since March as investors heavily scaled back bets the BoE would implement sub-zero rates this year.
 

The British central bank said it would ask banks to get ready for the possibility of