Bank of England cuts interest rates by 0.5% to 0.25% to bolster economy


The Bank of England unexpectedly cut interest rates by half a per cent on Wednesday in a shock move to bolster Britain's economy against disruption caused by the coronavirus outbreak. Members of the BoE's Monetary Policy Committee voted to cut Bank Rate for the first time since August 2016, to 0.

25% from 0.75%, the central bank said in a statement. "Although the magnitude of the economic shock from Covid-19 is highly uncertain, activity is likely to weaken materially in the United Kingdom over the coming months,".....

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