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Bank of England to temporarily finance UK government spending

Summary:
The Bank of England has agreed temporarily to finance government borrowing in response to COVID-19 if funds cannot immediately be raised from debt markets, reviving a measure last used to any large degree during the 2008 financial crisis. Britain's government typically borrows money direct from markets through bond issuance, and this week financial markets showed a strong appetite to fund more than 10 billion pounds of government bonds, some at record-low yields. Bank of England to temporarily finance UK government spending

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The Bank of England has agreed temporarily to finance government borrowing in response to COVID-19 if funds cannot immediately be raised from debt markets, reviving a measure last used to any large degree during the 2008 financial crisis.

Britain's government typically borrows money direct from markets through bond issuance, and this week financial markets showed a strong appetite to fund more than 10 billion pounds of government bonds, some at record-low yields.

Bank of England to temporarily finance UK government spending
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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