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Bank of England readies more crisis-fighting stimulus

June 18, 2020

The Bank of England, confronted by Britain's collapsing coronavirus-ravaged economy, will later Thursday reveal the outcome of its latest monetary policy meeting, with analysts predicting more stimulus.

 

The British central bank has been at the forefront of economic fire-fighting over this year's deadly COVID-19 emergency -- and could expand its quantitative easing (QE) stimulus in an attempt to kickstart growth.

 

The pandemic has so far killed more than 41,000 people in Britain, making it the third worst hit country in the world, while the nationwide lockdown shrank the size of the UK economy by more than a fifth in April alone.

 

In response to the crisis, the BoE in March slashed interest rates to a record-low 0.1 percent and pumped an extra £200 billion ($247 billion, 220 billion euros) in a bid to get retail banks lending to fragile businesses. That took the bank's QE total to £645 billion.

 

FULL REPORT

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