By Matthew Roscoe • 05 November 2020 • 10:21
THE Bank of England makes a further £150bn available to support the economy as the country starts its second national lockdown.
The Bank of England has boosted its quantitative easing stimulus package by £150bn, as policymakers try to protect the economy from the coronavirus pandemic.
The Bank warned that the new restrictions imposed to combat COVID means the UK economy will shrink in the current quarter and would suffer a double-dip downturn this year.
The Bank said the extra £150bn of aid reflected its downgraded forecasts that the economy would now remain below its pre-pandemic peak through the first quarter of 2022 but announced in the latest meeting of its Monetary Policy Committee (MPC) that interest rates will be kept at their record low of 0.1%.
This fresh injection of QE will boost the Bank’s total package to £895bn – used to buy £875bn of government bonds (plus £20bn of corporate debt).
The announcement was perfectly timed as MPs have decided on an expansion of the furlough scheme beyond December.
Thank you for taking the time to read this news article “Bank of England makes further £150bn available to support economy”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
Euro Weekly News is delighted to continue be able to bring you a range of News from around Spain in English and Global News live as it happens.
Euro Weekly News doesn’t cost you anything but your internet connection. Whether it’s bringing you the local Spanish news or the International news today, we’ve got you covered!
Euro Weekly News, the leading free local and national newspaper in Spain, the people’s paper, we lead others follow!
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our
Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
Your email address will not be published. Required fields are marked *
Download our media pack in either English or Spanish.