The central bank cut its key rate to 0.25% from a previous record low of 0.5%. And it will buy up to 10 billion pounds in U.K. corporate bonds — or bonds sold by companies to finance their activities. It is also expanding its bond-buying stimulus program to pump an additional 60 billion pounds ($79 billion) in new money into the economy. The bank suggested that more stimulus action was possible if the incoming economic data proves broadly consistent with the new forecasts the Bank of England compiled Thursday. It predicted the economy would grow only 0.8% next year, compared with the 2.3% it had previously predicted.

Source: Los Angeles Times August 04, 2016 12:19 UTC