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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Bank of England urgently cut rate to deal with coronavirus effects

March, 11 2020
watermark Economic news

The Bank of England unexpectedly lowered its base interest rate in an attempt to support the British economy amid the spread of coronavirus in the country. Yesterday, the Monetary Policy Committee voted unanimously to lower the rate by 50 basis points to 0.25%.

The regulator did not change the volume of the government bond purchase program (435 billion pounds) and kept the purchase volume of corporate bonds at 10 billion pounds. At the same time, the central bank lowered its countercyclical capital buffer for banks from 1% to 0% and launched a new small business lending support scheme.

The regulator noted that although the extent of the economic shock from COVID-19 is very uncertain, business and production activity in the country may significantly weaken in the coming months.

This emergency cut in the Bank of England rate was the first since the global financial crisis of 2008. As a result of this step, the rate returned to a record low level achieved after the Brexit referendum in 2016.

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.