US, WASHINGTON (ORDO NEWS) — The Bank of England has cut interest rates from 0.25% to 0.1% in a further emergency move to shore up an economy shaken by the COVID-19 pandemic.
On March 19, the Bank of England again urgently lowered its base interest rate to 0.1% from 0.25% per annum, and also increased the limit on the purchase of assets to 645 billion pounds, the regulator’s website reported.
On March 11, the Bank of England lowered the rate to 0.25% from 0.75% per annum in order to mitigate the negative impact of the coronavirus epidemic on the country’s economy.
“At a special meeting on March 19, the Bank of England Monetary Policy Committee decided that an additional package of measures was needed to achieve the goals. Therefore, he unanimously voted to increase the portfolio of government bonds and non-financial corporate bonds of investment level by £ 200 billion to £ 645 billion. sterling, as well as for reducing rates by 15 basis points – to 0.1%,” the report says.
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