"The Deputy Governor of the Bank of England David Ramsden believes that given the current risks to the economy that the level of support being provided through fiscal and monetary stimulus remains justified.

Over the past few months there has been plenty of discussion about whether negative rates are an appropriate policy tool. Ramsden believes that the discussion has been no more than contingency planning should support for the economy using QE and financial stimulus fail to avert any significant downturn.

Ramsden along with his boss, Governor Andrew Bailey and Chief Economist Andrew Haldane have remained unconvinced, not about the effectiveness of taking rates negative, but more about such a move being necessary.

Independent members of the MPC have been less optimistic about the recovery and have therefore favoured a serious study of the possible outcomes but the technocrats appear to have won the day.

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