Bank of England cuts interest rates to near zero, ramps up bond-buying

Topics Bank of England

The Bank of England cut interest rates to 0.1% on Thursday, its second emergency rate cut in just over a week, and promised 200 billion pounds of front-loaded bond purchases in a fresh attempt to shield Britain's economy from the coronavirus outbreak. As central banks scramble to fight off the threat of a global recession, all nine BoE interest-rate setters voted unanimously for the cut to the benchmark Bank Rate, which they slashed to 0.

25% from 0.75% as recently as March 11. They also voted unanimously to restart buying.

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