The Bank of England (BoE) is set to start “printing money” as it struggles to get a grip on the country’s worsening recession.
According to minutes released overnight from the BoE’s monetary policy meeting earlier this month, the committee had unanimously supported plans for “quantitative easing”.
This means the bank will, in effect, create money to buy up government securities and private sector assets in a bid to boost the economy by improving liquidity in markets.
"In the present environment, where particular credit markets were not functioning normally, it was appropriate to consider increasing the supply of central bank money by more unconventional types of asset purchases," the committee concluded.
According to The Guardian, BoE governor Mervyn King is seeking permission from Chancellor Alistair Darling for permission to start the scheme.
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