lowering the Bank Rate. Such a measure was used in 2008 during the global recession when the BoE lowered the bank base rate from 5 percent to 0.5 percent. Due to the economic fears surrounding the COVID-19 virus, as of the 19th of March 2020, the bank base rate was set to its lowest ever standing. The issue with lowering interest rates is that there is an end limit as to how low they can go.
One of the major duties the Bank of England (BoE) is tasked with is keeping inflation rates low and stable. The usual tactic for keeping inflation rates down, and therefore the price of goods and services stable by the Bank of England is through Value of quantitative easing measures by the Bank of England (BoE) in the United Kingdom from November 2009 to November 2020 (in billion British pounds)
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Bank of England. (November 8, 2021). Value of quantitative easing measures by the Bank of England (BoE) in the United Kingdom from November 2009 to November 2020 (in billion British pounds) [Graph]. In Statista. Retrieved May 15, 2024, from https://www.statista.com/statistics/1105570/value-of-quantitative-easing-by-the-bank-of-england-in-the-united-kingdom/
Bank of England. "Value of quantitative easing measures by the Bank of England (BoE) in the United Kingdom from November 2009 to November 2020 (in billion British pounds)." Chart. November 8, 2021. Statista. Accessed May 15, 2024. https://www.statista.com/statistics/1105570/value-of-quantitative-easing-by-the-bank-of-england-in-the-united-kingdom/
Bank of England. (2021). Value of quantitative easing measures by the Bank of England (BoE) in the United Kingdom from November 2009 to November 2020 (in billion British pounds). Statista. Statista Inc.. Accessed: May 15, 2024. https://www.statista.com/statistics/1105570/value-of-quantitative-easing-by-the-bank-of-england-in-the-united-kingdom/
Bank of England. "Value of Quantitative Easing Measures by The Bank of England (Boe) in The United Kingdom from November 2009 to November 2020 (in Billion British Pounds)." Statista, Statista Inc., 8 Nov 2021, https://www.statista.com/statistics/1105570/value-of-quantitative-easing-by-the-bank-of-england-in-the-united-kingdom/
Bank of England, Value of quantitative easing measures by the Bank of England (BoE) in the United Kingdom from November 2009 to November 2020 (in billion British pounds) Statista, https://www.statista.com/statistics/1105570/value-of-quantitative-easing-by-the-bank-of-england-in-the-united-kingdom/ (last visited May 15, 2024)
Value of quantitative easing measures by the Bank of England (BoE) in the United Kingdom from November 2009 to November 2020 (in billion British pounds) [Graph], Bank of England, November 8, 2021. [Online]. Available: https://www.statista.com/statistics/1105570/value-of-quantitative-easing-by-the-bank-of-england-in-the-united-kingdom/