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Bank of England Launches 3rd Round of QE

July 5, 2012 @ 7:39 AM EST

by The "State" Team

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Bank of England Epxands QE Program

The Bank of England launched a third round of quantitative easing programs on Thursday with the announcement that another 50 billion pounds ($78 billion) of new bond purchases.

Reuters reports that the move was widely expected due to the fact that BoE Governor Mervyn King said last month the economic outlook had deteriorated since the BoE ended its second round of asset purchases May.

To date, the BoE has bought 325 billion pounds of government bonds, and the purchases announced on Thursday take this total to 375 billion.

According to official statistics, the British economy has been in recession since late last year.

 

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