Bank of England announce emergency cut in interest rates

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Borrowing costs have been reduced to the lowest level in history as part of an emergency cut.

The Bank of England have slashed interest rates from 0.75% t0 0.25% - setting aside £190 billion pounds to ensure banks have the financial capability to lend.

The move is aimed at strengthening the British economy following the worldwide outbreak of COVID-19.

This news arrives ahead of today's (March 11) Budget - where Chancellor Rishi Sunak will be revealing what plans the government has in place to keep the economy afloat during a testing period.

Howard Lake

Financial experts are predicting economic difficulties during the upcoming weeks and months, particularly for self-employed people and smaller businesses.

Lower interest rates are designed to ensure that anyone struggling to pay bills will still be able to borrow money.

The Bank of England stated: "These measures will help to keep firms in business and people in jobs and help prevent a temporary disruption from causing longer-lasting economic harm."

Sunak's first Budget will commence around 12.30pm today.

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