With measures to keep people in work and cheaper loans, the Bank of England has your back during coronavirus – The Sun
CORONAVIRUS is affecting everyone’s lives right now.
Whatever you are doing — a key worker, isolating at home or attempting to home school — we all have a role to play in overcoming this disease.
⚠️ Read our coronavirus live blog for the latest news & updates
Give now to The Sun's NHS appeal
BRITAIN’s four million NHS staff are on the frontline in the battle against coronavirus.
But while they are helping save lives, who is there to help them?
The Sun has launched an appeal to raise £1MILLION for NHS workers. The Who Cares Wins Appeal aims to get vital support to staff in their hour of need.
We have teamed up with NHS Charities Together in their urgent Covid-19 Appeal to ensure the money gets to exactly who needs it.
The Sun is donating £50,000 and we would like YOU to help us raise a million pounds, to help THEM. No matter how little you can spare, please donate today here: www.thesun.co.uk/whocareswinsappeal.
And that goes for the Bank of England, too.
The virus and the measures taken to stop it spreading are dramatically reducing activity in the economy.
So what is the Bank of England doing to help?
The Bank’s job now, as always, is to provide monetary and financial stability.
We do that in a number of ways, such as ensuring your money maintains its value by keeping inflation low and stable.
We also support the economy to help keep as many people in work as possible.
Given the challenges facing us all, the Bank has launched an unprecedented package of measures to support the UK economy.
These measures will help as far as possible to keep companies running and hard-working people in their jobs.
In this way, the Bank can help prevent coronavirus from causing long-lasting economic harm to Britain.
Firstly, we have cut our interest rate to a historic low of 0.1 per cent.
Lower interest rates mean cheaper loans for businesses and households.
Secondly, we are injecting a further £200billion into the economy to help cut long-term borrowing costs.
Thirdly, we are supporting businesses’ access to cash.
We are working closely with the Treasury to support large businesses and their workers by offering them loans for up to 12 months.
We have already committed £14billion to help firms pay wages and their suppliers.
Fourthly, we are helping banks to continue lending to UK households and firms.
We require banks and building societies to hold financial buffers, known as capital, so they can withstand any losses on loans they make.
But we are temporarily allowing lenders to hold less capital.
This will support up to £190billion of bank lending to businesses.
To put that into perspective, it is more than 13 times the amount they lent to businesses in the whole of 2019.
Throughout this period, my colleagues have continued to run the core payment system that allows you to use your credit and debit cards.
We process payments equivalent to UK GDP, or £2.2trillion, every three days.
And we are keeping our eyes open for any risks that might emerge to the economy or the financial system as this pandemic unfolds.
No one can be sure exactly how the coronavirus pandemic will unfold and that goes for us, too.
But one thing you can be sure of is that my colleagues and I at the Bank of England will do all we can to support everyone through this difficult time.
We’ve got your back.
That’s our duty.
We have already delivered a huge package of measures.
And we stand ready to do whatever we can to meet your needs and get through this together.
- Andrew Bailey is the new Bank of England Governor
CORONAVIRUS CRISIS – STAY IN THE KNOW
Don't miss the latest news and figures – and essential advice for you and your family.
To receive The Sun's Coronavirus newsletter in your inbox every tea time, sign up here.
To follow us on Facebook, simply 'Like' our Coronavirus page.
Get Britain's best-selling newspaper delivered to your smartphone or tablet each day – find out more.
Source: Read Full Article