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Bank of England ramps up stimulus by £150 bn to tackle new lockdown impact

The move comes on the day that England entered a four-week lock­down to curb a second wave of Covid-19, which is now killing as many Britons each day as it did in May

Bank of England
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A statue is silhouetted against the Bank of England in the City of London, Britain | Photo: Reuters

William Schomberg, David Milliken and Andy Bruce | Reuters London
The Bank of England increased its already huge bond-buying stimulus by a bigger-than-expected £150 billion ($195 billion) as it prepared for economic damage from new coronavirus lockdowns and the looming risk of Brexit.

The move comes on the day that England entered a four-week lock­down to curb a second wave of Covid-19, which is now killing as many Britons each day as it did in May.

The BoE said Britain's economy was set to shrink 2 per cent during the fourth quarter as a result, and that the economy would shrink a record 11 per cent over the course of 2020 overall,