UK government launches separate easing programme

Bank of England

The Bank of England has agreed to reduce the ceiling on purchases of corporate assets through its Asset Purchase Facility (APF) by £40 billion ($62.5 billion) to accommodate the government's new credit easing programme.

On Tuesday, the UK's Chancellor of the Exchequer, George Osborne, announced plans to launch a £21 billion credit easing programme to ease the flow of credit to small and medium-sized enterprises (SMEs) that do not have ready access to capital markets.

In a letter to Mervyn King,

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