Bank of England cuts main interest rate from 0.75% to 0.25%
The central bank has also announced a new term-funding scheme to support small and medium-sized companies, as well as new steps to help commercial banks lend more.
Mark Carney, governor of the Bank of England , gestures while speaking during the bank's quarterly inflation report news conference in the City of London, U.K., on Thursday, Aug. 2, 2018.announced Wednesday an emergency cut to interest rates in an attempt to limit the economic impact from the new coronavirus.
"At its special meeting ending on 10 March 2020, the Monetary Policy Committee voted unanimously to reduce Bank Rate by 50 basis points to 0.25%," the Bank of England said in a statement on Wednesday. "Following the spread of Covid-19, risky asset and commodity prices have fallen sharply, and government bond yields reached all-time lows, consistent with a marked deterioration in risk appetite and in the outlooks for global and U.K. growth," the BOE said in a statement, adding that "indicators of financial market uncertainty have reached extreme levels."
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