Bank of England announces £100 billion stimulus package for UK economy

The Bank of England has unveiled a £100 billion stimulus package to help boost the UK economy following the coronavirus (COVID-19) pandemic.

Burrows Scarborough in Coventry - call 024 7671 7633 or email info@burrows-scarborough.co.uk
Harwoods in Sutton Coldfield – call 0121 355 0901 or email info@harwoods-account.co.uk

The Bank of England has unveiled a £100 billion stimulus package to help boost the UK economy following the coronavirus (COVID-19) pandemic.

The Bank's Monetary Policy Committee (MPC) voted to step up its quantitative easing programme, through which the Bank purchases bonds. The £100 billion in additional quantitative easing funds takes the total to £745 billion.

The MPC also voted to cut the cost of borrowing to a record low of 0.1%. The Committee admitted it is 'hard to draw conclusions about the UK's recovery prospects' and stated that extra stimulus is needed to help boost the UK economy and push inflation.

The MPC said: 'The unprecedented situation means that the outlook for the UK and global economies is unusually uncertain.

'It will depend critically on the evolution of the pandemic, measures taken to protect public health, and how governments, households and businesses respond to these factors.

'Inflation is well below the 2% target and is expected to fall further below it in coming quarters, largely reflecting the weakness of demand.'

Why you should choose us...

We continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike.

Learn more

Latest news
Sutton Coldfield

Please call:
0121 355 0901

1 Trinity Place, Midland Drive, Sutton Coldfield B72 1TX
Coventry

Please call:
024 7671 7633

Sovereign House, 12 Warwick Street, Earlsdon, Coventry CV5 6ET

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2020 Burrows Scarborough Limited. All rights reserved. powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.

Burrows Scarborough and Harwoods are practicing names of Burrows Scarborough Limited, which is registered in England - Company Number 4939546.
Registered to carry on audit work in the UK & Ireland by the Institute of Chartered Accountants in England & Wales - Firm number C001078720