Interest rates cut to historic low
The Bank of England has cut interest rates for the second time in eight days, reducing the rate to its lowest-ever level.
The move comes as the UK economy braces itself for the impact of coronavirus, which is expected to cause significant damage to the finances of businesses and individuals.
The Bank has reduced the rate from 0.25% to 0.1%. It has also increased quantitative easing by £200bn.
Already many businesses have implemented job cuts and salary reductions, and warned rent, rates and tax bills would go unpaid.
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