Bank of England policymaker Martin Weale said he would prefer interest rate reduction to more quantitative easing.
In an interview with The Herald on Friday, he said, "I am very comfortable with the view that we need to establish whether the effects of an interest rate reduction would be positive before we might do it."
The current bank rate is 0.50 percent, the lowest since the bank was established in 1694.
Further, Weale said the Funding for Lending Scheme would have a "reasonably powerful effect".
In an interview in French newspaper, Les Echos, Weale said on Thursday that cutting interest rate could generate perverse effects, and weaken financial position of certain banks.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.