Bank of England cuts main interest rate from 0.75% to 0.25%

Mark Carney, governor of the Bank of England (BOE), gestures while speaking during the bank’s quarterly inflation report news conference in the City of London, U.K., on Thursday, Aug. 2, 2018. 

Simon Dawson | Bloomberg | Getty Images

The Bank of England announced Wednesday an emergency cut to interest rates in an attempt to limit the economic impact from the new coronavirus.

Monday’s announcement follows a similar decision by the U.S. Federal Reserve last week. The virus that began in China late last year has spread worldwide and is impacting all major economies.

“At its special meeting ending on 10 March 2020, the Monetary Policy Committee (MPC) voted unanimously to reduce Bank Rate by 50 basis points to 0.25%,” the Bank of England said in a statement on Wednesday.

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