Interest rates have been cut, taking them lower than the 0.75 percent they were already at, in a move intended to boost consumer spending. The Bank of England announced the decision today, which has been made in an effort to tackle the fallout of the coronavirus outbreak on the economy.
Yesterday, Public Health England confirmed that as of 9am on March 10, 2020, 373 people have tested positive for coronoavirus in the UK.
Of these, six patients who have tested positive for COVID-19 have died.
The Bank’s Monetary Policy Committee said: “Although the magnitude of the economic shock from Covid-19 is highly uncertain, activity is likely to weaken materially in the United Kingdom over the coming months.
“Temporary, but significant, disruptions to supply chains and weaker activity could challenge cash flows and increase demand for short-term credit from households and for working capital from companies.