The Bank of England has cut interest rates by 25 basis points in response to expectations. The news about this step comes against a backdrop of a decline in the economy due to the coronavirus epidemic, which was expected. Currently, the interest rate stands at 0.1% - the lowest level in the bank's history. This cut is the first since the introduction of additional rate reductions in March of this year. "Our decision to lower interest rates will help support long-term growth prospects and the stability of the economy in a time of uncertainty created by the coronavirus," the bank noted. Economists also point out that this cut is an attempt to stimulate economic growth in the context of the pandemic.
