The Bank of England has stopped being a central bank, it is now an adjunct of the goverment, trying to prop up economic activity by printing cash.
The disconnect between reality and its previous central banking activities was amply demonstrated by a press release issued today:
The Bank is today publishing a consultative paper setting out proposed extensions to its Asset Purchase Facility (APF). It intends to introduce in the near future a Secured Commercial Paper Facility to support the provision of working capital to a broad population of companies. The facility will be designed to contribute to the APF’s objectives of improving liquidity in credit markets that are not functioning normally.
Think about that for a moment. The Bank of England is going to introduce a new cash creation operation to support the "provision of working capital to a broad population of companies". The central bank will begin to feed liquidity straight into companies, bypassing the banking sector directly.
Central banks are supposed to ensure price stability. They shouldn't be trying to replace commercial banks and supporting industry directly.
This is madness.