BREAKING NEWS: Bank of England cuts interest rate by 0.5% to support an economy that is set to be hurt by the spreading of Coronavirus

BREAKING NEWS: Bank of England cuts interest rate by 0.5% to support an economy that is set to be hurt by the spreading of Coronavirus

A shocking movement has been made by the Bank of England earlier today, when it decided to cut the interest rate from 0. 75% to 0.25%.

The Pound fell to $1.2873 from $ 1.2937 immediately after the announcement. The 10-year Gilt10Y yield rose to 0.28% from 0.24%.

“The reduction in Bank Rate will help to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households, and to reduce the cost, and to improve the availability, of finance,” the Bank said in a statement.


Sources: investing.com, marketwatch.com

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