Bank of England cuts interest rates to all-time low of 0.1%
Decision comes week after Bank chiefs cut rates to 0.25% to address coronavirus crisis
Rishi Sunak will reveal plans to subsidise workers' wages to prevent hundreds of thousands of layoffs on Friday as the Treasury comes under pressure to match the new Bank of England measures to limit the economic fall out from Covid-19.
Amid warnings from the TUC that time is running out to save jobs from being axed, the chancellor is understood to be working on the final details of the scheme, including how many workers should be covered, how long it should last for and how it should be delivered.
The Monetary Policy Committee at a special meeting on 19 March voted to cut Bank rate to 0.1% and increase its holdings of UK government and corporate bonds by 200 billion. https://t.co/rbpUGU0blr
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