Searchers rescued at least 53 people and about 33 are missing after a ferry capsized in the Pacific Ocean overnight near Tonga’s capital, Nuku’alofa, a search and rescue officer said early Friday. The surprise measure takes the total sum injected into the economy via government-backed “quantitative easing” to £175 billion ($294 billion).
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Bank of England pumps $84B into UK economy
The Bank of England announced plans Thursday to pump another £50 billion ($84 billion) into the UK economy in a fresh effort to steer the country out of a recession which it admitted had been "deeper than previously thought." The surprise measure takes the total sum injected into the economy via government-backed “quantitative easing” to £175 billion ($294 billion). The sum exceeds the £150 billion ($252 billion) the bank was authorized to create when the plan was announced in March. But in an exchange of letters with UK finance minister Alistair Darling, Bank of England Governor Mervyn King said an extension of the scheme was necessary to meet the government’s 2 percent inflation target
UK introduces quantitative easing to aid economy
The Bank of England bought £2 billion ($2.8 billion) of government bonds Wednesday as the UK introduced quantitative easing to kickstart the ailing economy. The move comes after the bank cut interest rates from one percent to 0.5 percent last week — a drop of five percent since October last year and the lowest in the bank’s 315-year history