Today the UK became the first major economy to deliver a coordinated monetary and fiscal response to the Covid-19 outbreak. As Ken noted in his earlier blog, the Bank of England this morning unleashed its very own “bazooka” of policy measures including; a 50bps rate cut, a new Term Funding Scheme for small businesses (it was noted that experience from the Term Funding Scheme launched in 2016 suggests that in excess of £100bln could be injected) and a reduction to the countercyclical buffer to 0.0% from 1.0% (this was originally supposed to reach 2.0% by December). This final measure in itself will reportedly release support of up to £190bln for businesses.
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