Os Cangaceiros
10th October 2011, 00:55
The Bank of England caught financial markets by surprise yesterday by announcing that it will inject £75bn into the ailing British economy over the next four months.
The sharply slowing economy and intensifying threats to the health of Britain's banks posed by the eurozone crisis will lead the Bank to extend its £200bn quantitative easing (QE) programme – effectively printing money.
"This is the most serious financial crisis we've seen at least since the 1930s, if not ever," warned the Bank's Governor, Sir Mervyn King, in a stark reference to the Great Depression.
In other news, UK pensions have lost a third of their value in three years (http://www.independent.co.uk/news/uk/home-news/pensions-have-lost-a-third-of-value-in-three-years-2367348.html).
Damn.
http://www.independent.co.uk/news/business/news/mervyn-king-this-may-be-worse-than-the-great-depression-2366833.html
The sharply slowing economy and intensifying threats to the health of Britain's banks posed by the eurozone crisis will lead the Bank to extend its £200bn quantitative easing (QE) programme – effectively printing money.
"This is the most serious financial crisis we've seen at least since the 1930s, if not ever," warned the Bank's Governor, Sir Mervyn King, in a stark reference to the Great Depression.
In other news, UK pensions have lost a third of their value in three years (http://www.independent.co.uk/news/uk/home-news/pensions-have-lost-a-third-of-value-in-three-years-2367348.html).
Damn.
http://www.independent.co.uk/news/business/news/mervyn-king-this-may-be-worse-than-the-great-depression-2366833.html