This Bank of England thing isn't a big deal. It's just overdraft protection for the Treasury for cash management purposes. https://www.bankofengland.co.uk/news/2020/april/hmt-and-boe-announce-temporary-extension-to-ways-and-means-facility

That being said, economically speaking, there's still no difference between how countries like the US and the UK have financed themselves for years and years vs. what some people call "monetizing" the debt. @StephanieKelton tweeted about this yesterday https://twitter.com/StephanieKelton/status/1247506430418182146

. @dandolfa also had a good thread earlier this year about why "debt monetization" is not a meaningful concept in the US/UK context https://twitter.com/dandolfa/status/1223292302292025345