The UK Treasury on Monday gave the Bank of England the power to print money and buy assets direct from companies and banks. In a sweeping set of banking announcements, the Treasury said the Bank would set up a new facility allowing it to buy up to £50bn of high-quality corporate assets that could also be used to boost money supply, if the monetary policy committee felt it would help to meet the Bank’s inflation target. The MPC, which recently cut rates to a historic low of 1.5%, has been cautious about the policy of “printing money”, which evokes hyperinflation in Weimar Germany and Zimbabwe. At least, says Lex, sterling’s “saving grace is that no other currency, even the euro, is in a much better situation”. More analysis here.