LONDON (AP) — The Bank of England on Thursday backed another 50 billion pounds ($78 billion) injection into the ailing British economy as it kept its main interest rate at the record low 0.5 percent.
The move by the Bank's rate-setting Monetary Policy Committee was widely anticipated and raises the amount it is pumping into the British economy since March 2009 to 375 billion pounds. It is the first stimulus since February.
Under the so-called quantitative easing program, the Bank purchases British government bonds, known as gilts, from banks, in the hope that they will use the money to lend to businesses and consumers
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