Bank Of England Increases QE By £75bn

(Financial Times) -- The Bank of England acted more swiftly and more decisively on Thursday than most economists had expected to inject a further round of stimulus into the economy, as its governor warned that the nation may be facing its "most serious financial crisis ever."

The Bank's Monetary Policy Committee voted for the first time since November 2009 to increase its purchases of gilts, this time by a further £75bn to £275bn. Many economists had expected the move, known as quantitative easing, to come in November after the MPC reviews its forecasts for growth and inflation and that it would opt for a more limited £50bn move.

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