The Bank of England has taken radical action to prevent the UK from falling into recession, cutting interest rates to 0.25% – the lowest level in the institution’s 322-year history – and pumping billions of pounds of newly created money into the economy.
The Bank also announced the biggest cut to its growth forecasts since it started making them in 1993. It has reduced its growth prediction for 2017 from the 2.3% it was expecting in May to 0.8%.
The Bank said that alongside the rate cut it would reignite its quantitative easing scheme, buying a further £60bn of government debt and taking the total size of the scheme to £435bn.
It would also buy up to £10bn of corporate bonds.
In an effort to ensure the rate cuts would be passed on to customers without banks facing their own funding costs, the Bank also said it would create a £100bn system it called the Term Funding Scheme to provide cheap funding to banks.
The combined package may result in an extra £170bn of money being printed, making it one of the biggest single policy packages ever unveiled by the central bank.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
Worldwide business support
One of our qualified advisors will get back to you today or next business day.
One of our qualified advisors will get back to you today or next business day
Наш специалист ответит вам сегодня или на следующий рабочий день.
Информацию об обработке ваших персональных данных вы можете найти в нашей Политике конфиденциальности.
Наш специалист свяжется с вами сегодня или на следующий рабочий день.
One of our qualified advisors will call you back today or next business day.
Заполните форму ниже для записи на консультацию. Мы перезвоним и подтвердим вашу запись
Please fill the form below to make an appointment. We will contact you back to confirm your consultation.