“We’re not planning it at the moment, we’ve got no plans to use it imminently, but it is in the box.

“If it was the right thing to do, then the case for bringing it out of the box would be strong.”

And earlier in the year, the governor said he would not rule out negative interest rates as a “matter of principle”.

Mr Bailey, who inherited the helm at the start of the crisis in March, has been forced to confront challenging financial circumstances brought about by the pandemic.