England’s quantitative easing scheme rolled out last year, borrowing far more than anticipated from the central bank.
The Bank of England bought £4.9bn of corporate bonds in just three months, when the scheme intended to buy £10bn over 18 months.
At the same time the Term Funding Scheme (TFS) which gives cheap funds to banks has injected £20.7bn into lenders. The aim of both policies, alongside a plan to buy £60bn of government bonds, was to keep interest rates down.
Economists welcomed the swift progress as an important boost to the economy, but as growth is currently relatively strong, they do not expect the Bank of England to extend the schemes when officials announce their next decision this Thursday.