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April 09, 2020BANK OF ENGLAND MONETARY POLICY The Bank of England and HM Treasury announced a temporary measure, an agreement to extend the long-established Ways and Means facility in order to finance government spending. As a temporary measure, this will provide a short-term source of additional liquidity to the UK government to smooth cashflow and orderly functioning of markets through the COVID-19 crisis.
The UK government will continue to use the markets as primary source of financing and the response to COVID-19 will be fully funded by additional borrowing through normal debt management operations. The News release notes, that the use of the Ways and Means facility will be temporary and short-term and any drawings will be repaid as soon as possible before the end of the year.
Bank of England: Monetary Policy
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