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BoE to begin £75bn asset purchase programme

The Bank of England is to start a £75bn asset purchase programme in a bid to the boost the UK money supply.

Alongside today’s rate cut to 0.5% the Monetary Policy Committee has agreed in the first instance to buy up £75bn in assets using central bank funding.

There is a possibility that this could be extended to £150bn in the future.

The MPC estimates that the asset purchase programme could take up to three months to carry out.

The programme is set to be largely consisting of the buy-up of gilts, as well as private sector assets.

A statement from the Bank of England reads: “At its future meetings, the committee will monitor the effectiveness of this purchase programme in boosting the supply of money and credit and in due course raising the rate of growth of nominal spending, adjusting the speed and scale of purchases as appropriate.”


Ban on 100% deals is ridiculous idea

Oh dear, Labour’s latest hair-brained solution to save us from ourselves appears to be outlawing the 100% LTV mortgage for good. And, apparently, Gordon Brown’s asked the Financial Services Authority to come up with how to do it.

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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