Interest rates slashed in emergency move ahead of budget

bank of england

The Bank of England has this morning announced an emergency cut in interest rates in a bid to shore up the faltering economy hit by the gathering coronavirus outbreak.

Rates have this morning been slashed from 0.75% to 0.25%, bringing borrowing costs back down to the lowest levels in history, according to the BBC.

The move comes ahead of today’s budget, where new chancellor of the exchequer Rishi Sunak is expected to deliver further measures designed to stimulate growth and ease the building pressure on businesses grappling with the burgeoning spread of coronavirus.

The Bank of England said the changes would free up an additional £190bn for banks to lend to businesses.

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