The Bank of England (BoE) announced an emergency interest rate cut from 0.75 percent to 0.25 percent this morning (11 March), designed to support the economy during the Covid-19 coronavirus outbreak.
Its three policy committees have announced a “comprehensive and timely” package of measures to help UK businesses and households bridge across the anticipated economic disruption.
The measures are as follows:
The Monetary Policy Committee (MPC) cut the interest rate and launched a new Term Funding Scheme with additional incentives for SMEs, financed by the issuance of central bank reserves.
