Bank of England cuts key interest rate to 0.25% due to virus
Posted March 11, 2020 7:00 am
LONDON (AP) - The Bank of England has cut its key interest rate by 0.5 % to 0.25%, as an emergency measure in response to the outbreak of COVID-19.
The central bank said the move would 'œhelp support businesses and consumer confidence at a difficult time.'ť
It said the effect of the new coronavirus on the British economy could be significant, with activity likely to 'œweaken materially'ť in the coming months.
The U.K. government is due to announce more measures to support the economy in a budget later Wednesday. Britain has confirmed 373 cases of COVID-19, and six deaths.
The front page of the Evening Standard reading 'UK virus outbreak has begun - official' is displayed at Bond Street Station, in London, Friday, March 6, 2020. British Prime Minister Boris Johnson said the U.K. will face a 'substantial period of disruption' from the new coronavirus. (AP Photo/Alberto Pezzali)
The Associated Press