March 19, 2020 / 5:04 PM / in 18 days

Bank of England not printing money to bail out government: Bailey

FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey speaks at a press conference at the Bank of England in London, Britain, February 25, 2019. Kirsty O'Connor/Pool via REUTERS/File Photo

LONDON (Reuters) - The Bank of England is not abandoning central banks’ long-standing opposition to printing money to help governments, its head Andrew Bailey said, after the BoE ramped up its purchases of government debt in response to the coronavirus crisis.

“We have to take into consideration what the likely scale of government financing is, because that’s clearly going to amplify through the markets,” Bailey told reporters.

“I just want to emphasize that we are not abandoning the, I think, very clear central bank philosophy in terms of monetary financing because history tells us where that leads.”

Reporting by William Schomberg, editing by David Milliken

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