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Bank Of England Cuts Rate By 50 Bps, Unveils Funding Scheme For SMEs On Covid-19

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by , 03-11-2020 at 03:03 PM (139 Views)
      
   
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The Bank of England unexpectedly cut its key interest rate and launched a new funding scheme for small businesses as it expects the UK economy to take a major hit due to the coronavirus, or Covid-19, outbreak. The Monetary Policy Committee unanimously voted to cut the bank rate by 50 basis points to a record low 0.25 percent, following a special meeting on March 10, the central bank said.

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