Bank of England cuts bank rate by 50bps to 0.25% due to Covid-19

The Bank of England's Monetary Policy Committee (MPC) voted unanimously to reduce Bank Rate by 50 basis points to 0.25% on Wednesday to respond to the economic shock from Covid-19.

LONDON: The Bank of England's Monetary Policy Committee (MPC) voted unanimously to reduce Bank Rate by 50 basis points to 0.25% on Wednesday to respond to the economic shock from Covid-19.

The MPC voted unanimously for the Bank of England to introduce a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves.