The Bank of England indicated Thursday that it could cut interest rates below zero for the first time in its 326-year history as it tries to shore up a U.K. economic recovery that is facing the dual headwinds of the coronavirus and Brexit

The Bank of England might need to cut interest rates almost to zero after a no-deal Brexit, while repeated Brexit delays could also make a rate cut necessary, senior BoE official Gertjan Vlieghe said on Friday.