Bailey: We have a lot of practical work to do before we could cut below zero

More from the BOE leader

• If we cut rates below zero, would need to explain it very carefully to public
• Cannot put a date on when we could do it
• Tiered interest rates would add operational complexity
• I don't expect a sharp downward move in house prices when stamp duty land tax exemption expires, but would not be surprised to see transactions fall a bit

Importantly, he's not saying they're going to do it; he's just reiterating that they're taking steps to make it an option.