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Bank of England cuts Interest rate from 0.25% to 0.1% and introduces new £200 billion QE programme
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worldtraveller
Posts: 14,013 Forumite
The Bank of England has cut its base rate to a joint-record low of 0.1% - warning the coronavirus pandemic will result in a "sharp and large" economic shock.
Its rate-setting committee, led by new governor Andrew Bailey, also decided at its unscheduled meeting to re-start the post-crisis asset purchase programme, also known as quantitative easing.
The Bank said it would make an extra £200bn in bond purchases, effectively printing new money to push into the financial system, to support activity as the coronavirus crisis threatens to all but shut down the economy.
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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