The Bank of England has slashed interest rates to 0.25% in an emergency move to protect the UK economy from the coronavirus outbreak
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The UK government is under pressure to take further measures to tackle the crisis after UK Health Minister Nadine Dorries announced on Tuesday that she had been diagnosed with COVID-19.The Bank of England has slashed UK interest rates from 0.75% to 0.25% in an emergency move to shore up the UK economy in the face of the coronavirus outbreak.said that the decision had been taken due to the fact that "Indicators of financial market uncertainty have reached extreme levels.
"Such issues are likely to be most acute for smaller businesses. This economic shock will affect both demand and supply in the economy." Measures likely to be revealed by Sunak include a temporary cut to business rates and an emergency fund for small businesses.
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