Bank of England's Tim Besley Cuts Expectations of an Emergency Rate Cut

BoE’s Besley said it could be dangerous for the central bank to act too quickly to financial market crisis. In an interview with newspaper Newcastle Evening Chronicle, released late yesterday afternoon, Besley said that the “worst thing to do is react too quickly.” “Our next meeting will be on October 9, which will allow us time to digest this news and reflect on what we have learned.” Comments hence suggest that an emergency BoE rate cut is not on the agenda.