BOE announced in an emergency meeting that it would cut interest by 50 basis points from 0.75% to 0.25% in an emergency meeting in an attempt by the bank to address the risks of the outbreak of the Corona virus by unanimous vote, while keeping the size of the asset purchase program at 435 billion pounds.
This is the first time that the bank made the decision to cut interest rates since the August 2016 meeting, and the largest rate of rate cut since the global financial crisis.
Sterling fell sharply in the wake of the news to its lowest levels against most major currencies, especially against the US dollar, to reach its lowest levels in a week at 1.2825, before cutting some of its losses to be traded near 1.2890.
