UK announces emergency rate cut, budget boost in two-pronged stimulus programme
Half a percentage point cut is first since 2016; it comes ahead of finance minster Rishi Sunak's first budget, which is set to include more healthcare funding to fight Covid-19
Thu, Mar 12, 2020 - 5:50 AM
The Bank of England's cut in borrowing costs follows a similar move from the US Federal Reserve last week, and was the first such action to take place outside the British central bank's normal schedule since the global financial crisis of 2008.
THE Bank of England (BOE) slashed interest rates by half a percentage point on Wednesday and announced support for bank lending just hours before the unveiling of a budget splurge designed to stave off a recession triggered by the coronavirus outbreak.