The Bank of England increased its bond-buying scheme by a further 100 billion pounds to help steer the economy away from its record slump, but sharply slowed the pace of its purchases
The BoE bolstered its firepower by a further 100 billion pounds — as predicted by most economists — but surprised financial markets by saying it expected the increase to see it through to the end of the year.
Deputy Governor Ben Broadbent said the BoE now estimated that Britain’s economy was heading for a roughly 20% contraction over the first and second quarters of 2020, compared with a fall of about 27% included in a scenario it published in May. “We’re slowing from ... warp speed to something that by any historical standards still looks fast,” Bailey said, noting that the U.S. Federal Reserve had also slowed its bond-buying.
“We expect another 100 billion-pound top-up, but this now looks less certain,” Morgan Stanley economists Jacob Nell and Bruna Skarica wrote to clientsBailey said any decision to take borrowing costs into negative territory was not in any way imminent.
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