Bank of England `considered printing another £75bn`
20 May 2009
The Bank of England considered pumping another £75bn of new money into the UK financial system to help kick-start the economy, it has been revealed.
Minutes from this month`s Monetary Policy Committee (MPC) meeting, The Times reports, showed that rate-setters settled on increasing the process of `quantitative easing` by £50bn, but had considered a maximum of £75bn to encourage banks to start lending at `normal` levels.
The committee also voted unanimously to keep its base rate at 0.5% in an attempt to encourage banks and other financial institutions to keep their interest rates low.
However, the Bank has been criticised by some economists for neglecting the needs of savers, many of whom are currently earning very low returns on their deposits.
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Tags: bank of england, base rate, inflation
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