Bank of England still has room for more asset purchases and has enough tools to keep the economic recovery going, Deputy Governor Charles Bean said in a newspaper interview, published Thursday.
"What we as policy makers can do is make it clear that if things do take a turn for the worse that we will try and do everything we can to work against that and to try and keep the recovery going, he told the Eastern Daily Press.
"We have the scope to do more asset purchases," he added. Bean noted that as a lender of last resort, the central bank is in a position to support the banks if they get into difficulty.
He, however, admitted that the task of minimizing the impact of developments overseas on households and businesses over here will be a difficult one.
Bean said it is reasonable to think that the recovery is going to be a slow and in that environment, interest rates are more likely to remain low than rocket up.
by RTT Staff Writer
For comments and feedback: email@example.com