Bank of England to lend directly to government

Bank of England blue sky

The Bank of England is to directly finance the UK government by temporarily expanding the use of an overdraft facility, despite senior central bank officials previously saying monetary financing was not currently an option.

Today (April 9), the central bank and Treasury agreed “to extend temporarily” the Ways and Means facility, which is designed to support government cash management.

Use of the facility amounts to financing of the government budget through money creation, but it is usually a

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