Bank of England rate cut just before budget is perfectly timed | Larry Elliott

Amid concern over Covid-19, the idea is to show Bank and Treasury are working as a team

There is no point in doing things by half and the Bank of England has wheeled out the big bazooka in its effort to minimise the impact of Covid-19 on an already shaky economy.

Threadneedle Street's expertise does not extend to immunology so the Bank has no real idea how serious the outbreak will be. It thinks the impact will be temporary but admits it could be "sharp and large". In any event, there is going to be some serious short-term disruption to activity and the aim is to ensure there is no long-term harm.