Updated: See the latest stories on the coronavirus outbreak.
UK interest rates have been cut in an emergency move to protect the
economy from the impact of the coronavirus outbreak.
The Bank of
England said it had decided to cut bank rate from 0.75% to 0.25%.
In a statement about coronavirus, the bank said: “The Bank of England’s role is to help
UK businesses and households manage through an economic shock that could prove sharp and large, but should be temporary.”
It said it would also relax capital rules to allow it to boost its lending power to banks by billions of pounds, to ensure they can support firms.
The Bank of England said the measures “will help to keep firms in business and people in jobs and help prevent a temporary disruption from causing longer-lasting economic harm”.
The shock news comes on the same day that the chancellor is set to lay out the government’s financial plans to tackle coronavirus in the Budget.
Late on Thursday night, health minister Nadine Dorries revealed she had tested positive for Covid-19 and was self-isolating. Related... I’m
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