[LONDON] The Bank of England (BoE) cut interest rates on Wednesday to bolster Britain's economy against disruption caused by the novel coronavirus outbreak.

Members of the BoE's Monetary Policy Committee voted to cut the bank rates for the first time since August 2016 to 0.25 per cent from 0.75 per cent, the central bank said in a statement.

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

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