BANK OF ENGLAND RELEASED £150BN TO UK BANKS

The Bank of England gave £150billion to the UK banks to ensure the credit keeps flowing.

The decision was made after two meeting of the Bank's financial policy committee.

Their capital was reduced by £5.7billion which raised their lending capacity for households and businesses £150billion.

The Banks were warned not to use the money for increased bonuses or dividends for shareholders.
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The decision was made on a thread of recession after worst performance of the UK's dominant

services sector for over three years during three months before the referendum.

The Bank promised more help next week.

The pound hit another low exchange rate with the US dollars and FPC's growing fears over funding the UK's deficits with overseas investors.

Governor Mark Carney announced the need to cut rates and introduce further stimulus next summer to counteract the shock of Brexit.

In June, slow down showed in taking on staff such as from hairdresser to  IT, and accountants  before the referendum vote.