Britain Accelerates Money Printing

andrew baily boe chief

The United Kingdom has began a second round of money printing as northern Europe enters a second round of locked down. The Bank of England has announced they are to continue printing £20 billion for corporate debt and an extra £150 billion for government debt. “The Committee voted unanimously for the Bank of England to continue with the existing programme of £100 billion of UK government bond purchases, financed by the issuance of central bank reserves, and also for the Bank of England to increase the target stock of purchased UK government bonds by an additional £150 billion, financed by the issuance of central bank reserves, to take the total stock of government bond purchases to £875 billion,” they say. That’s close to 50% of GDP with government debt levels already surpassing 100% of GDP in the biggest money printing certainly in living memory. This is debt owed to the…

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