In the first week of August the Bank of England (BoE) reduced its official rate, known as the Bank Rate, to 0.25%, in a move widely expected after the UK’s EU “Brexit” vote. Along with the rate cut, the BoE extended some quantitative easing programmes where it would buy additional gilts (UK government bonds) and expand the programmes to include an additional £10 billion of corporate debt. Quantitative easing is...