The UK government and central bank last night announced plans for a £100bn support programme for the British economy, as they battened down the hatches for a worsening “eurozone debt storm”.
George Osborne, UK chancellor, told an annual financial gathering that he was working with the Bank of England to “deploy new firepower” amid fears that turmoil in the eurozone could lead to a severe credit crunch and higher interest rates in Britain.
Mr Osborne’s aides said they would unleash an aggressive monetary policy, aimed at passing on cheaper loans to businesses and housebuyers. Sir Mervyn King, BoE governor, also raised the prospect of a new round of quantitative easing, saying “the case for a further monetary easing is growing”.
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