November 5, 2020

BANK OF ENGLAND STEPPED UP ITS QE MEASURES

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In Short

Today, the Monetary Policy Committee (MPC) of the BoE announced a large new QE package worth £150 bn, much larger than the market consensus (£100 bn) had expected. However, also the time horizon is longer than expected, reaching until end-2021 which makes the move less bold than the headline number suggests.
BANK OF ENGLAND STEPPED UP ITS QE MEASURES
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Highlights:

  • Today the Bank of England (BoE) announced to step up its QE programme, buying another £150 bn of gilts until end-2021.
  • The bank intends to implement the purchases flexibly.
  • The move followed a materially changed macroeconomic forecast to reflect the latest Covid-19 lockdowns.
  • Looking ahead, in case of prolonged lockdown measures combined with a hard Brexit we now see negative interest rates in next spring to be slightly more likely than not.

Download the full publication below

BANK OF ENGLAND STEPPED UP ITS QE MEASURES
December 18th, 2020

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