The Bank of England (BoE) has announced a further cut to the UK’s base interest rate from 0.25% to 0.1%.
The BoE’s Monetary Policy Committee (MPC) voted at a special meeting today to slash the rate by 15 basis points to 0.1%, as well as increase its holdings of UK government and corporate bonds by £200bn to a total of £645bn.
The cut is the first major decision made by Andrew Bailey who only took over from Mark Carney as Bank of England governor on Monday.
The move, which now brings interest rates to their lowest levels in history, comes eight days after the MPC had voted unanimously in favour of an emergency rate cut to 0.25%, down from 0.75%, to stabilise the economy amid the coronavirus outbreak.
The bank said the spread of Covid-19 and the measures being taken to contain the virus will result in an economic shock that could be “sharp and large”, but should be temporary.
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