BoE cuts rates by half a percent

The Bank of England has, this morning, voted to cut UK interest rates by 0.5% taking the rate to just 0.25%. The move has come as a double effort from the UK government to deliver monetary stimulus in the form of an interest rate cut this morning and further fiscal stimulus measures when the budget is announced later today. This is all to help insulate the UK economy from a downturn in economic growth from the virus. The BoE also announced its intention to increase lending to small and middle-sized businesses in the UK to the tune of 100bn pounds which should provide further support.