The Bank of England cut its key interest rate by 0.5 percent to 0.25 percent today as an emergency measure in response to the outbreak of the new coronavirus. The central bank said the move would "help support businesses and consumer confidence at a difficult time.'' "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,'' it said. The U.K. government is due to announce more measures to support the economy in a budget later today. Business groups have urged Sunak to let firms defer tax payments and to back emergency loans for struggling enterprises.

Source: The Standard March 11, 2020 08:03 UTC