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Bank of England cuts Interest rate from 0.25% to 0.1% and introduces new £200 billion QE programme

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Bank of England cuts Interest rate from 0.25% to 0.1% and introduces new £200 billion QE programme

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The Bank of England has cut its base rate to a joint-record low of 0.1% - warning the coronavirus pandemic will result in a "sharp and large" economic shock.

Its rate-setting committee, led by new governor Andrew Bailey, also decided at its unscheduled meeting to re-start the post-crisis asset purchase programme, also known as quantitative easing.

The Bank said it would make an extra £200bn in bond purchases, effectively printing new money to push into the financial system, to support activity as the coronavirus crisis threatens to all but shut down the economy.

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