Bank of England furthers steps to tackle weak growth

This article parallels recent comments from U.S. officials on the state of our economy. England is in a similar state in their economic recovery. Possible plans to cut rates commercial banks are paid for holding deposits at the Bank of England are being discussed. With less incentive to hold money in the bank above normative levels, they would convert it into other assets and lend to the private sector, reducing credit conditions in the rest of the economy. Their main focus to induce growth is to keep inflation above the target level of 2 percent.