Bank of England cuts interest rates from 0.25% to 0.1% amid coronavirus-sparked economic turmoil

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By Euronews
Bank of England Governor Andrew Bailey
Bank of England Governor Andrew Bailey   -  Copyright  Tolga Akmen/AP

The Bank of England has slashed its key interest rate to 0.1%, its lowest-ever level, amid global economic turmoil sparked by the coronavirus pandemic.

The bank's Monetary Policy Committee says the unanimous decision is part of moves ``to meet the needs of UK businesses and households in dealing with the associated economic disruption.``

Thursday's rate cut came a week after the central bank cut its rate from 0.75% to 0.25%.