Bank of England cuts interest rate to record low 0.25%
London
London - Arab Today
The Bank of England on Thursday cut interest rates to a record low 0.25 percent in a broad stimulus package, citing the weaker economic outlook after the shock Brexit vote.
Policymakers voted unanimously to reduce its key rate by a quarter-point from 0.50 percent, cutting borrowing costs for the first time in more than seven years, in an emergency package worth up to £170 billion including £60 billion for more quantitative easing, it said in a statement.
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