The Bank of England has announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak.
Policymakers reduced rates from 0.75% to 0.25%, taking borrowing costs back down to the lowest level in history. The Bank said it would also free up billions of pounds of extra lending power to help banks support firms. It comes as the chancellor is expected to announce further measures to support growth and jobs in the Budget later.
The Bank of England said other changes would free up an additional £190bn for banks to lend. It said the package of measures would "help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid-19". In a statement, the Bank said it was ready to take "all further necessary steps to support the UK economy".
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