Interest rates are to be cut in the Uk in emergency move to shore up the economy in the wake of the coronavirus outbreak
The Monetary Policy Committee voted to cut Bank Rate for the first time since August 2016, to 0.25pc from 0.75pc, the central bank said in a statement.
It has also promised a new funding scheme to keep small businesses afloat.
The move comes just hours before Chancellor Rishi Sunak unveils spending plans in his first budget to help firms and individuals affected by the epidemic.
Rain Newton Smith, CBI Chief Economist, said:
“Measures to help the flow of credit and support businesses potentially facing cash flow issues could make a real difference in the weeks ahead.
“All eyes are now on the Chancellor today to do his part. This is a timely, proportionate response to a serious situation, though it’s vital policy is kept under review as things improve.”