when did the bank of england start quantitative easing
Quantitative easing Beginning in March 2009, the Bank of England had purchased around £165 billion in assets as of September 2009 and around £175 billion in assets by the end of October 2009.[69] At its meeting in November 2009, the Monetary Policy Committee (MPC) voted to increase total asset purchases to £200 billion. Most of the assets purchased have been UK government securities (gilts); the Bank has also purchased smaller quantities of high-quality private-sector assets.[70] In December 2010, MPC member Adam Posen called for a £50 billion expansion of the Bank's quantitative easing programme, while his colleague Andrew Sentance has called for an increase in interest rates due to inflation being above the target rate of 2%.[71] In October 2011, the Bank of England announced that it would undertake another round of QE, creating an additional £75 billion.[72] In February 2012 it announced an additional £50 billion.[73] In July 2012 it announced another £50 billion,[74] bringing the total amount to £375 billion. The Bank has said that it will not buy more than 70% of any issue of government debt.[75] This means that at least 30% of any issue of government debt will have to be purchased and held by institutions other than the Bank of England. In 2012 the Bank estimated that quantitative easing had benefited households differentially according to the assets they hold; richer households have more assets.[76]
Quantitative easing The US Federal Reserve belatedly implemented policies similar to the current quantitative easing during the Great Depression of the 1930s.[30][31] Specifically, banks' excess reserves exceeded 6 percent in 1940, whereas they vanished during the entire postwar period until 2008.[32] Despite this fact, many commentators called the scope of the Federal Reserve quantitative easing program after the 2008 crisis "unprecedented".[33][34][35] [check quotation syntax]
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Dust Bowl This catastrophe intensified the economic impact of the Great Depression in the region.