Bank of England doubles size of corporate bond purchase programme

The Bank of England said on Thursday it will double the size of its corporate bond purchase programme to at least 20 billion pounds ($24.7 billion), part of a previously announced stimulus package to help the economy during the coronavirus crisis.

"(The BoE) expects to make these purchases at a significantly faster rate than in the 2016 scheme," the BoE said in a statement.

The BoE will begin ramping up its corporate bond purchases through a series of reverse auctions starting on April 7. ($1 = 0.8085 pounds)