Bank of England makes emergency cut in interest rate from 0.75% to 0.25% ahead of Chancellor Rishi Sunak’s budget to battle coronavirus today
The Bank of England has cut the main interest rate to 0.25 per cent from 0.75 per cent.
In a statement the bank said its role is to help UK businesses and households manage through an economic shock from coronavirus ‘that could prove sharp and large, but should be temporary’.
It said the rate cut was part of a ‘ comprehensive and timely package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid-19.
Pedestrians walk past the Bank of England in the City of London on February 17
The Bank of England has today cut the main interest rate to 0.25 per cent from 0.75 per cent
‘These measures will help to keep firms in business and people in jobs and help prevent a temporary disruption from causing longer-lasting economic harm. ‘
The number of cases of coronavirus in the UK has now risen to 382, and a sixth death has been confirmed.