NEW: Bank of England announces package of measures of support for the economy in coronavirus crisis:
Emergency 50 basis point rate cut back to to record low of 0.25%
Emergency 50 basis point rate cut back to to record low of 0.25%
Also a new Term Funding SME scheme which will basically oblige banks to pass on the 0.5% cut to its clients
And full release of the Counter cyclical Capital buffer -0% rather than 2% - that releases 190bn in bank lending
Part of concerted action with Treasury on day of Budget
And full release of the Counter cyclical Capital buffer -0% rather than 2% - that releases 190bn in bank lending
Part of concerted action with Treasury on day of Budget
Coronavirus economic shock “could prove large and sharp” but “should prove temporary”: Carney.
Comprehensive and timely package to help keep firms in business and people in jobs.
All BoE policy committees and Treasury acting in coordination. Acting in concert with HMT
Comprehensive and timely package to help keep firms in business and people in jobs.
All BoE policy committees and Treasury acting in coordination. Acting in concert with HMT
Perhaps. But the combo of measures might make your employer, or your customers’ employers able to access larger overdraft facilities, to keep their cashflow going so that they can continue to pay employees, through any disruption, demand fall, or absence.
