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BOE Splits Between Insiders and Outsiders Over Subzero Rates

  • Divide shows how institution may yet resist negative policy
  • ‘You have to be brave,’ former external official Sentance says
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Photographer: Simon Dawson/Bloomberg
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The Bank of England is seeing old fault lines open up as officials lock horns on whether to take interest rates below zero for the first time.

That’s what the math on the nine-member Monetary Policy Committee is starting to look like, as the so-called “internals” on the panel with full-time operational roles at the central bank show the greatest signs of resistance to the measure. The minority of part-time “external” officials tend to be more open to subzero policy.