The Bank of England (BoE) on Thursday unveiled an extra £150 billion in cash stimulus as it forecast a deeper recession than previously thought for the coronavirus-wracked UK economy.
The BoE, which held its benchmark interest rate at a record-low 0.1 percent, increased its quantitative easing stimulus by the equivalent of $195 billion.
The BoE is widely predicted to pump out an extra o100 billion ($130 billion, 111 billion euros) under its long-running quantitative easing programme, bringing the total to o845 billion.
Analysts expect its key interest rate to stay at a record low 0.1 percent as the bank refrains for now from taking borrowing costs into negative territory for the first time.
Thursday’s decisions, which are due at 0700 GMT, come as England begins a minimum four weeks of stay-at-home restrictions, as the UK government seeks to stem a second wave of Covid-19 after similar actions elsewhere in Europe.❐
