BoE's Bailey: UK government would have struggled to fund itself if BoE had not expanded QE

The UK's government would have struggled to fund itself in the short-run it the Bank of England (BoE) has not expanded the quantitative easing (QE) program in March, BoE Governor Andrew Bailey told Sky News on Monday.

"Prospects would have been very bad, it would have been very serious if the BoE had not intervened," Bailey added, as reported by Reuters.

Market reaction

The UK's FTSE 100 Index edged lower in the last minutes and was last seen losing 0.28% on the day at 6,275 points. Meanwhile, the GBP/USD pair continues to cling to modest gaily gains near 1.2400.