The Bank of England has followed moves by central banks in the United States, Canada and Australia to cut interest rates to counter the impact of coronavirus on the British economy.
England on March 11, 2020 in London, England: The Bank of England has made an emergency rate cut of 50 basis points, bringing the interest rate to 0.25%, matching record lows, in a bid to soften the economic shock of Covid-19.
The BoE 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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