The Bank of England – the UK’s central bank – has sent its money printers into full BRRR mode, agreeing to essentially create USD 125 billion worth of pound sterling as the coronavirus pandemic continues to disrupt the British economy.
Per the BBC, the bank’s nine-member governing council voted 8-1 to increase the size of its bond-buying program.
The British economy has taken a relentless battering in recent months, with months of lockdown causing hundreds of thousands of job losses – and shrinking the economy by over 20% last month.
The council – the Monetary Policy Committee – also decided to freeze UK interest rates at their record-low level of 0.1%.
The committee wrote, in its meeting minutes,