Bank of England Cuts Rates By 0.5%

The Bank of England has announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak.

Policymakers reduced rates from 0.75% to 0.25%, taking borrowing costs back down to the lowest level in history.

The Bank said it would also free up billions of pounds of extra lending power to help banks support firms.

Later today the Chancellor will deliver his Budget.

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