Bank of England cuts interest rates in response to coronavirus impact

The Bank of England announced early Wednesday morning that it will take the emergency step of cutting interest rates by half a percent.

The move, which brings the rate down to one-quarer of a percent, was approved unanimously in an emergency meeting of the central bank’s policymaking board, the Bank of England said.

It is intended “to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households, and to reduce the cost, and to improve the availability, of finance,” the bank said.