The Bank of England has cut interest rates in an emergency move to shore up the U.K. economy amid growing alarm over the coronavirus crisis.
The Bank announced Wednesday morning it had reduced rates from 0.75% to 0.25%, marking the lowest level in history. “The reduction in Bank Rate will help to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households, and to reduce the cost, and to improve the availability, of finance,” the Bank said in a statement.
The Bank is also launching a new scheme to provide funding for businesses struggling with the virus’s economic impact. Chancellor Rishi Sunak is scheduled to deliver a budget later today which is expected to include further measures
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