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“Should the MPC need to provide further monetary stimulus, there are a number of options at its disposal, including cutting bank rate further, enlarging the TFSME, and expanding asset purchases,” the Bank of England said in its March meeting minutes.

Key takeaways

“MPC judged that it was particularly important to incentivise lending to the small and medium-sized enterprises.”

“Committee would learn more about the scale and propagation of the shock, and its impact on the economy, over coming weeks and months.”

“Businesses and households should be able to rely on banks to meet their need for credit to bridge through a period of economic disruption.”

“There are also likely to be significant demand effects from coronavirus.”

“MPC judged it likely that activity would weaken materially over the coming months.”

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