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Bank of England announces £100 billion stimulus package for UK economy

The Bank of England has unveiled a £100 billion stimulus package to help boost the UK economy following the coronavirus (COVID-19) pandemic.

The Bank's Monetary Policy Committee (MPC) voted to step up its quantitative easing programme, through which the Bank purchases bonds. The £100 billion in additional quantitative easing funds takes the total to £745 billion.

The MPC also voted to cut the cost of borrowing to a record low of 0.1%. The Committee admitted it is 'hard to draw conclusions about the UK's recovery prospects' and stated that extra stimulus is needed to help boost the UK economy and push inflation.

The MPC said: 'The unprecedented situation means that the outlook for the UK and global economies is unusually uncertain.

'It will depend critically on the evolution of the pandemic, measures taken to protect public health, and how governments, households and businesses respond to these factors.

'Inflation is well below the 2% target and is expected to fall further below it in coming quarters, largely reflecting the weakness of demand.'