The Bank of England has announced an unexpected cut to interest rates in response to the "economic shock" of the coronavirus.
The Monetary Policy Committee unanimously agreed to reduce the main bank rate by half a percentage point to 0.25 per cent at a special meeting ending on Tuesday.
The central bank follows the US Federal Reserve in taking unscheduled action to combat the expected economic disruption from the virus. The bank said it has seen a "marked deterioration" in risk appetite and in the outlook for UK growth, and said indicators of financial market uncertainty have reached "extreme levels".
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