Another £50 billion will be pumped into the ailing British economy after the Bank of England’s monetary policy committee (MPC) voted in favour of extending its programme of quantitative easing (QE). The decision, which was widely expected by economists, will take the total amount spent on the asset purchase scheme to £375 billion. The scheme involves the electronic transfer of money rather than starting the ‘printing presses’, and is designed to lower long-term borrowing costs across the economy. The programme, which has mostly involved the purchase of gilts (UK government bonds), was launched in March 2009, with ... (full story)