BoE cuts interest rate in response to Coronavirus

The Bank of England has announced an emergency cut in interest rates to help the economy in the middle of Coronavirus outbreak. At the special meeting ending on 10 March 2020, the Monetary Policy Committee (MPC) voted unanimously to reduce Bank Rate by 50 basis points to 0.25%.  As per the statement, 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 will also introduce a new Term Funding Scheme an...