Bank of England not printing money to bail out government - Bailey

FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS/File Photo

LONDON (Reuters) - The Bank of England is not abandoning central banks’ long-standing opposition to printing money to help governments, its head Andrew Bailey said, after the BoE ramped up its purchases of government debt in response to the coronavirus crisis.

“We have to take into consideration what the likely scale of government financing is, because that’s clearly going to amplify through the markets,” Bailey told reporters.

“I just want to emphasise that we are not abandoning the, I think, very clear central bank philosophy in terms of monetary financing because history tells us where that leads.”

Reporting by William Schomberg, editing by David Milliken