The Bank of England (BoE) has cut its interest rate by 15 basis points to 0.1% as the central bank moves to reduce the “economic shock” stemming from the coronavirus pandemic.
After an emergency meeting on 19 March, the bank's Monetary Policy Committee (MPC) also voted in favour of an additional £200bn of government bonds and sterling non-financial investment-grade corporate bonds purchases, bringing the total to £645bn. Market Movers Blog The BoE explained the decision was necessary following action taken by the bank and the Chancellor Rishi Sunak throughout the month to tackle the economic impact of the pandemic. It said the MPC had now determined that the bank's measures need to go further, and also voted unanimously to enlarge the Term Funding Scheme ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
