*Bank of England announces a new round of £75 billion in gilt purchases, expanding British QE to £275 Billion.
*The BOE also left the UK's benchmark interest rate at 0.5%
The Bank of England said Thursday it will buy £75 billion of government bonds in a fresh bout of quantitative easing aimed at stimulating the U.K.'s stagnant economy.
The U.K.'s central bank said its Monetary Policy Committee agreed to finance a second round of asset purchases with newly-created central bank money to ensure that the inflation rate didn't fall below its 2.0% target over the medium term.
"The pace of global expansion has slackened, especially in the United Kingdom's main export markets," the BOE said in a statement. "Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks have resulted in severe strains in bank funding markets and financial markets more generally. These tensions in the world economy threaten the U.K. recovery."
The MPC also voted to keep the U.K.'s benchmark interest rate on hold at 0.5%.
Shortly following the announcement, sterling plummeted to a 15-month low against the dollar, trading at $1.5286 from $1.5459 before the decision.
Someone wasn't about to make the same mistake as The Bernank and majorly disappoint the market.