The Bank of England to pump extra £100bn into the UK economy to help fight coronavirus-lockdown recession

The Bank of England to pump extra £100bn into the UK economy to help fight coronavirus-lockdown recession

What would you do with £1 million?

What would you do with £1 billion or one thousand times a million? How about £100 billion?

The Bank's Monetary Policy Committee (MPC) voted to pump £100 billion into the system days after governor Andrew Bailey said policymakers were ready to take action after the economy suffered its biggest monthly fall -20.4% - on record in April.

The UK central bank also voted to keep interest rates at a record low of 0.1% after official jobs data showed the number of workers on UK payrolls plummeted by 600,000 between March and May.

However, recent indicators of economic activity suggest the economy is starting to bounce back.

The MPC's June policy meeting minutes stated: "Payments data are consistent with a recovery in consumer spending in May and June, and housing activity has started to pick up recently."

What is quantitative easing (QE) and how will it help us?,,,see full article

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