Bank of England forced to delay cash injection after Economy Pump breaks down
The Bank of England’s plans to pump another £50bn into the economy, in order to keep interest rates unchanged, have been put on hold this evening after their 200-year-old Economy Pump broke down under the strain.
A spokesman for the bank explained that the Economy Pump was severely damaged when a Scottish two pound coin, which had mistakenly been included in the £50bn being pumped, bypassed the Sterling Filter, causing the pump’s Fiscal Flange to fail.
Although the Fiscal Flange is a relatively inexpensive component (costing just 75p) and is fairly easily replaced, its failure led to several tens of millions of pounds Sterling being exposed to the errant Bank of Scotland coinage, all of which will need to be decontaminated, before pumping can recommence.
Engineers at the Bank are now working around the clock, hoping to have the pump back up and running in time for next month’s interest rate review.Click to send this story to a friend
Posted: Aug 9th, 2009 by AdrianJ
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