Bank of England expands QE programme by £75bn

The Bank of England has increased its quantitative easing programme by a more than expected £75bn in a bid to kick-start the UK's ailing economy, while leaving interest rates on hold at 0.5%.

Its new round of asset purchases takes the Bank's quantitative easing (QE) programme to £275bn as fresh fears surface about the country's stalling recovery amid an escalation of the eurozone debt crisis. The move comes after several members of the Bank's Monetary Policy Committee recently suggested an extension of its bond-buying programme would help boost growth. Revised figures released this week show the UK economy managed just 0.1% growth in the second quarter - against a previous reading of 0.2% - whilst first quarter growth was revised down to 0.4%. Up until now arch-dove Ad...