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UK interest rates cut in emergency move

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The Bank of England has announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak.

Policymakers reduced rates from 0.75% to 0.25%, taking borrowing costs back down to the lowest level in history. The Bank said it would also free up billions of pounds of extra lending power to help banks support firms.

The emergency rate cut comes as a sixth person died from the virus in the UK, which has a total of 382 cases – however, this figure is set to rapidly increase.

 

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