UK interest rates slashed to battle coronavirus

Reported today on City AM For the full article visit: https://www.cityam.com/uk-interest-rates-slashed-to-battle-coronavirus/?utm_source=rss&utm_medium=rss&utm_campaign=uk-interest-rates-slashed-to-battle-coronavirus The Bank of England today slashed UK interest rates to just 0.25 per cent in a bid to tackle the fallout of the coronavirus outbreak on the economy.The 50 basis point (0.5 percentage point) cut takes interest rates lower than the 0.75 per cent they were already at, in a move designed to boost consumer spending.The decision follows weeks of economic turmoil as UK coronavirus cases have risen to 382, with six deaths.The Bank\'s Monetary Policy Committee said:Although the magnitude of the economic shock from Covid-19 is highly uncertain, activity is likely to weaken materially in the United Kingdom over the coming months. Temporary, but significant, disruptions to supply chains and weaker activity could challenge cash flows and increase deman