CPI Financial

A major investment bank believes UK banks will have tapped the Bank of England’s special liquidity scheme to the tune of over £200 billion ($353.6 billion) by the time the drawdown period ends in October. To put this into context, £200 billion is the equivalent of 14 per cent of annual GDP or 6 per cent of banks’ and building societies’ total sterling liabilities, according to Simon Ward, chief economist for New Star Asset Management in London.