Bank of England Cuts Interest Rates in Emergency Move to Combat Coronavirus Crisis
March 11, 2020 12:36AM PT
The Financial institution of England has lower rates of interest in an emergency transfer to shore up the U.Okay. financial system amid rising alarm over the coronavirus crisis.
The Bank announced Wednesday morning it had reduced rates from 0.75% to 0.25%, marking the lowest level in history.
“The reduction in Bank Rate will help to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households, and to reduce the cost, and to improve the availability, of finance,” the Bank said in a statement.
The Bank is also launching a new scheme to provide funding for businesses struggling with the virus’s economic impact.
COPYRIGHT_BP: Published on https://bingepost.com/bank-of-england-cuts-interest-rates-in-emergency-move-to-combat-coronavirus-crisis/57785/ by Hilda Workman on 2020-03-11T08:06:40.000Z
Chancellor Rishi Sunak is scheduled to deliver a budget later today which is expected to include further measures to combat the fall-out of the global health emergency.
Six people have so far died from coronavirus in the U.K., which is currently battling 382 positive cases.
More to come…
About The Authors
Hilda Workman - Hilda Workman is a licensed financial advisor with years of expertise in the industry. She has assisted a range of clients, from sole proprietors to large corporations, in reaching their financial objectives. She is informed about many different financial subjects, including tax preparation, investment planning and also in fashion. She believes that the best things are those that are imperfect.
