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New Measures Announced To Boost UK Cashflow

New Measures Announced To Boost UK Cashflow

Sir Mervyn King, Governor of the Bank of England, last week announced further measures to boost the UK’s economic recovery, in his Mansion House speech.

The BoE have launched a Multi-Billion (GBP) initiative to increase the cash flow of some of Britain’s biggest financial institutions.

The Bank’s offer of £5 Billion (GBP) in six-month loans at a rate of only 0.75% has already been entirely taken up by major UK banks and it is understood that they were told to apply by Sir Mervyn himself.

The Governor of the Bank of England does not want the scheme to be seen as another ill conceived emergency measure, instead, he intends the money to be considered as a mainstream source of funding.

It is also widely rumoured that a similar loan process will occur on a monthly basis.

The facility announced by Sir Mervyn King is just one of several measures aimed at boosting the economic recovery and encouraging investment.

The BoE Governor also launched an estimated £80 Billion (GBP) policy with Chancellor of the Exchequer, George Osborne, intended to prevent a second credit crunch in the UK as fears surrounding the impact of the Eurozone debt crisis grow.

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