BoE slashes base interest rate again to 0.1%

The Bank of England (BoE) has announced a further cut to the UK’s base interest rate from 0.25% to 0.1%.

The BoE’s Monetary Policy Committee (MPC) voted at a special meeting today to slash the rate by 15 basis points to 0.1%, as well as increase its holdings of UK government and corporate bonds by £200bn to a total of £645bn.

The cut is the first major decision made by Andrew Bailey who only took over from Mark Carney as Bank of England governor on Monday.

The move, which now brings interest rates to their lowest levels in history, comes eight days after the MPC had voted unanimously in favour of an emergency rate cut to 0.25%, down from 0.75%, to stabilise the economy amid the coronavirus outbreak.

The bank said the spread of Covid-19 and the measures being taken to contain the virus will result in an economic shock that could be “sharp and large”, but should be temporary.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.