Bank of England Slashes Interest Base Rate to 0.25%
The Bank of England has announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak.
Policymakers reduced rates from 0.75% to 0.25%, taking borrowing costs back down to the lowest level in history.
The Bank said it would also free up billions of pounds of extra lending power to help banks support firms.
It comes as the chancellor is expected to announce further measures to support growth and jobs in the Budget later.
Mark Carney, the outgoing governor of the Bank of England, said policymakers had seen a "sharp fall in trading conditions", including spending on non-essential goods.
"The Bank of England's role is to help UK businesses and households manage through an economic shock that could prove large and sharp, but should be temporary," he said.
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