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Bank of England makes emergency rate cut to ease COVID-19 economic impact

Bank of England makes emergency rate cut to ease COVID-19 economic impact

With more than 380 confirmed cases of coronavirus in the U.K. to date, and six deaths, the BoE monetary policy committee made a emergency interest lowering the bank rate to 0.25% from 0.75%. The cut is the first one outside its schedule meeting since the 2008 financial crisis. It also announced that it would free up £190 bn in extra lending for banks to support small and medium businesses.

Skeptic
Skeptic
Top in Business