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UK to boost economy with stimulus
(MENAFN) the Bank of England is expected to unveil stimulus measures on Thursday including a rate cut and, possibly, the creation of billions in new money.
This move comes after as the British economy suffers deepest trouble since the global financial crisis in the wake of the vote to leave the European Union.
Early indicators since the June 23 vote suggest that the economy is contracting at its sharpest rate since 2009. Manufacturing, services and consumer spending are falling.
As a result, the Bank of England is expected to cut its key interest rate from a record-low 0.5 percent on Thursday, diverging from policymakers at the US Federal Reserve who in December raised their benchmark for the first time in seven years.
This move comes after as the British economy suffers deepest trouble since the global financial crisis in the wake of the vote to leave the European Union.
Early indicators since the June 23 vote suggest that the economy is contracting at its sharpest rate since 2009. Manufacturing, services and consumer spending are falling.
As a result, the Bank of England is expected to cut its key interest rate from a record-low 0.5 percent on Thursday, diverging from policymakers at the US Federal Reserve who in December raised their benchmark for the first time in seven years.
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