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Bank of England to print £50bn more cash

The Bank of England today announced it will be printing an extra £50 billion of cash in a bid to jump-start the economy.

But the UK’s central bank voted to keep interest rates at their current level of 0.5 per cent.

The quantitative easing will add to the Bank’s purchases so far of £46 billion worth of government bonds, or gilts, and corporate debt using newly created money under the £75 billion first phase the scheme.

But the latest announcement means the total to be spent under the ground-breaking plan will rise to £125 billion.

The widely expected “no change” decision over Bank rate will leave borrowing costs pegged for a second month in a row, after six months of drastic cuts that began last October as the economic crisis escalated.