The Bank of England has announced that interest rates in the UK have been cut to 0.01%.
It is the second time in a week that interest rates have been cut, having previously stood at 0.25%.
The measure has been taken to support the economy as it takes a battering due to the Covid-19 pandemic.
The Bank said it would also increase its holdings of UK government and corporate bonds by £200bn with an effort to lower the cost of borrowing.
It’s a dramatic move by Andrew Bailey, who only took over from Mark Carney as Bank of England governor on Monday.
More to follow, alongside business reaction