The Bank of England cuts interest rates again to limit the financial damage from the new corona virus. With the same goal in mind, the UK central bank is expanding its buying program of government bonds and corporate loans.
The main interest rate has now been reduced from 0.25 percent to 0.1 percent. It is the second time this month that the Bank of England has cut interest rates. Last week, the central bank subtracted half a percentage point from its interest rate.
The bond buy-back program is extended by £ 200 billion to a total of £ 645 billion. In addition, the Bank of England is expanding its financing plan for small and medium-sized businesses.