11 March 2020
Bank of England reduces Bank Rate to support the economy for the first time during the pandemic
Theme: Broader policy
Sub-theme: Government spending plans and the economy
Introduced by
Bank of England
Targeted at
Businesses and households
Timings
Introduced on 11 March 2020. In place until next decision to change interest rate
Stated aims
To support businesses and households in response to the economic shock likely to be caused by the pandemic
Summary
The Bank of England cuts Bank Rate by 50 basis points to 0.25% and introduces new measures to support borrowing and market liquidity.
Source(s)
Bank of England news