UK interest rates cut again in unprecedented move

Financial Services | Latest News
Bank of England

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

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