Bank of England cuts interest rate

Bank of England cuts interest rate

The Bank of England today cut interest rates, taking the Bank’s base rate from 0.5% to 0.25% in a broad stimulus package, citing the weaker economic outlook after the shock Brexit vote.
Policymakers voted unanimously to reduce its key rate by a quarter-point from 0.50 percent, cutting borrowing costs for the first time in more than seven years, in an emergency package worth up to £170 billion including £60 billion for more quantitative easing, it said in a statement.
All nine members of the committee voted unanimously in favour of a rate cut and the introduction of the TFS. Three members of the committee — Kristin Forbes, Martin Weale, and Ian McCafferty — voted against extending the BoE’s government bond buying scheme.
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