{"id":24304,"date":"2011-10-06T07:56:00","date_gmt":"2011-10-06T11:56:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2011\/10\/06\/bank-of-england-adds-75-billion-to-quantitative-easing-program\/"},"modified":"2011-10-06T07:56:00","modified_gmt":"2011-10-06T11:56:00","slug":"bank-of-england-adds-75-billion-to-quantitative-easing-program","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/10\/06\/bank-of-england-adds-75-billion-to-quantitative-easing-program\/","title":{"rendered":"Bank of England Adds 75 billion to Quantitative Easing Program"},"content":{"rendered":"

The Bank of England<\/a> <\/span>(BoE) held the Bank Rate at a record low stimulatory level of 0.50%.  However the BoE did announce a 75 billion pound expansion of its 200 billion pound asset purchase program (also known as quantitative easing), taking the new total to GBP 275 billion.  The Bank said: “The pace of global expansion has slackened, especially in the United Kingdom’s main export markets. Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks have resulted in severe strains in bank funding markets and financial markets more generally. These tensions in the world economy threaten the UK recovery.”<\/span><\/span>
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<\/a><\/a><\/span><\/span><\/a>The Bank also held the official Bank Rate<\/a> unchanged at 0.50% at its August <\/span><\/span>meeting this year; the rate has remained on hold since March 2009, when the Bank reduced the interest rate by 50 basis points to 0.50%.  The United Kingdom reported annual consumer price inflation of 4.5% in August, and 4.4% in July, and still above the Bank’s inflation target of 2.00%.  The UK saw quarterly GDP growth of 0.2% in Q2 this year (0.5% in Q1), while annual economic growth was reported at 0.7% (1.6% previously).  <\/span><\/span><\/span><\/span><\/p>\n


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The pound (GBP) last traded around 0.65 against the US dollar, putting it about flat against the US dollar so far this year.<\/span>  <\/span>The Bank also noted<\/a> in regards to its quantitative easing program: “A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of \u00a325 billion to a total of \u00a3200 billion on 5 November 2009.”<\/span><\/span>
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www.CentralBankNews.info<\/a><\/span><\/span><\/span><\/span><\/span><\/div>\n<\/div>\n<\/div>\n
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The Bank of England (BoE) held the Bank Rate at a record low stimulatory level of 0.50%.  However the BoE did announce a 75 billion pound expansion of its 200 billion pound asset purchase program (also known as quantitative easing), taking the new total to GBP 275 billion.  The Bank said: “The pace of global expansion has … <\/p>\n

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