Going cap in hand to the Bank is going to become a way of life at the Treasury
by Guardian Staff from on (#521NF)
The Bank of England's extension of the 'ways and means' facility adds to a mountain of loans too big to be temporary
Rishi Sunak avoided calling the Bank of England last week to beg for an extension of the Treasury's overdraft facility to meet his Covid-19 spending commitments.
The chancellor was saved that job by Andrew Bailey, the central bank's governor, who saw the red flashing signs on the side of the Treasury's headquarters from his Threadneedle Street offices almost three miles away. In a joint statement, the Treasury and the Bank said they had agreed to extend the use of the "ways and means" facility as a temporary measure during the disruption caused by Covid-19.
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