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UK interest rates cut to lowest ever level to support economy during coronavirus outbreak

By Scott Maclennan

INTEREST rates have been cut by the Bank of England in a bid to support the UK economy during the coronavirus pandemic.

Interest rates are now at their lowest level in history, having gone from 0.25 per cent to 0.1 per cent in what is the second cut in just over a week by the bank.

The bank also confirmed that it would increase its holdings of UK government and corporate bonds by £200 billion.

Known as quantitative easing, it is a monetary policy that essentially pumps more cash into the economy and was last used during the 2008 financial crash.

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