Economics
BOE-Sunak Double Act Attempts to Boost Ailing U.K. Economy
- Central bank raises bond-buying target by 150 billion pounds
- Chancellor extends furlough program until the end of March
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The U.K. government and central bank unleashed a fresh wave of stimulus into the struggling economy on Thursday, acting in conjunction and more aggressively than predicted as the coronavirus forces another lockdown.
At 7 a.m, the Bank of England boosted its bond-buying program by a larger-than-expected 150 billion pounds ($196 billion), flooding the economy with cash to spur demand and lower government borrowing costs.