Bank of England slashes interest rates in coronavirus emergency move

11 March 2020, 07:23 | Updated: 11 March 2020, 07:58

The Bank of England has slashed interest rates
The Bank of England has slashed interest rates. Picture: PA

The Bank of England will make an emergency cut in interest rates to shore up the economy in the wake of the coronavirus outbreak.

The emergency measures will see the main interest rate to 0.25% from 0.75% in the wake of the coronavirus outbreak.

The move comes ahead of the Government's budget, which will be announced by new Chancellor Rishi Sunak later today.

In a statement the bank said its role is to help UK businesses and households manage through an economic shock from coronavirus "that could prove sharp and large, but should be temporary".

It said the rate cut was part of a " comprehensive and timely package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid-19.

"These measures will help to keep firms in business and people in jobs and help prevent a temporary disruption from causing longer-lasting economic harm. "

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