Bank of England slashes interest rates to protect UK from coronavirus shock business live
over 5 years in The guardian
UK central bank has cut Bank Rate to just 0.25%, to respond to the economic shock from Covid-19
Rates cut to just 0.25%
New loan programme for small firms
UK countercyclical capital buffer cut
8.13am GMT
The British Chambers of Commerce has cheered the BoE’s move -- but cautioned that commercial banks need to pass these measures onto small firms.
BCC Director General Dr Adam Marshall says:
“Businesses will welcome the decisive action taken by the Bank of England to support the economy at this delicate moment.
“The Bank and UK financial institutions must now work together to ensure that these policy measures translate into real-world support for firms on the ground.
8.06am GMT
The pound initially plunged when the Bank’s rate cut was announced -- but has now clawed its way back to $1.29 Continue reading...
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