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Bank of England ready to ramp up stimulus if needed - Bailey

FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS

LONDON (Reuters) - The Bank of England is ready to pump more stimulus into Britain’s economy if the outlook for inflation weakens, Governor Andrew Bailey said on Thursday after the central bank ramped up its bond-buying programme by 150 billion pounds ($195 billion).

“The committee stands ready to take whatever additional action is necessary to achieve its remit,” Bailey told reporters.

He also said the BoE could review its calculations for how much stimulus headroom it has.

The absence of reference to the possibility of taking interest rates negative in the minutes of the BoE’s November meeting and its quarterly outlook report reflected the fact that work on the feasibility of such a move is ongoing, Bailey said.

Writing by William Schomberg, editing by David Milliken