Bank of England’s Credit Scheme
This afternoon, the Bank of England and the Treasury officially fired the starting gun on a £50 billion scheme, which is aimed at boosting the flow of credit in the economy.
It has been confirmed that next week, Bank of England will set out the framework in which its planned Asset Purchase Facility will operate. These news follow last week’s fresh package of proposals which is aimed at reviving economic activity and taking UK closer to effectively printing money. The policy is very similar to the ones undertaken by the Federal Reserve of US and the Bank of Japan in the last few months.
An immediate rise in gilt yields was sparked the news, with two-year yields rising by 3.3 basis points to 1.51%, five-year yields by 5.3 basis points to 2.887% and 10-year yields by 8.5 basis points to 3.729%.
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