, Columnist
Bank of England Delivers. What's Next?
For U.K. to grow, it needs more help from fiscal policy.
Praying for some fiscal support?
Photographer: Simon DawsonThis article is for subscribers only.
The Bank of England delivered a monetary-policy package on Thursday designed to cushion the blow of Britain's vote to quit the European Union. To be effective, however, monetary easing must be followed by a comprehensive package on the fiscal side.
Central bank Governor Mark Carney, making good on his post-referendum pledge to ease policy, unveiled measures that included halving the bank's benchmark interest rate to 0.25 percent, boosting its government bond buying and adding corporate debt to its shopping list. His monetary policy committee even suggested another rate cut is on the cards later this year, though Carney ruled out negative rates.