Bank of England Steps Up Virus Fight With Bond-Buying Boost
Bloomberg
Published Jun 18, 2020 07:05
(Bloomberg) -- The Bank of England intensified its response to the fallout from the coronavirus by expanding its bond-buying program, taking another step in the uphill battle to lift the economy out of the worst recession in centuries.
Policy makers led by Governor Andrew Bailey voted 8-1 to boost purchases by 100 billion pounds ($125 billion) while keeping the benchmark interest rate kept on hold at a record-low 0.1%.
The decision will keep the lid on government borrowing costs even as the Treasury ramps up bond sales to finance a massive support package to save jobs and keep businesses afloat.
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Written By: Bloomberg
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