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BoE adds extra £5bn to weekly cash auction

The Bank of England has confirmed it will be adding an extra £5bn to its normal weekly funds available to banks.

It currently has £11bn on offer at its weekly cash auction.

It has already been revealed that this week’s additional funding was three times oversubscribed.

As a result the BoE says an extra £5bn a week would be released at least until its next monthly meeting on interest rates on April 9.

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