Breaking: Bank of England Lowers Interest Rates Over Covid-19 Disruptions

The Bank of England cut interest rates on Wednesday to bolster Britain’s economy against disruption caused by the coronavirus outbreak. 81">

Members of the BoE’s Monetary Policy Committee voted to cut Bank Rate for the first time since August 2016, to 0.25 percent from 0.75 percent, the central bank said in a statement.

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The BoE maintained its target for government bond purchases to 435 billion pounds. It also maintained its corporate bond purchase target to 10 billion pounds.

The BoE also introduced a new term funding scheme for small businesses. It will offer four-year funding over the next 12 months.