The Bank of England has announced an emergency cut in the base interest rate to shore up the economy during the Coronavirus crisis.

The cut, from 0.75 per cent to 0.25 per cent, was announced at 7am this morning; it takes borrowing costs back down to the lowest level in history and may help boost the housing market.

Interest rate changes are usually announced only on Thursday's after regular meetings of the Bank's monetary policy committee; this morning's shock announcement suggests that the indicators guiding the MPC - including ones relating to the housing market - have shown significant falls even at this early stage of the virus outbreak in the UK.

 

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