Bank of England cuts rates to 0.25%
Members of the BoE’s Monetary Policy Committee voted to cut Bank Rate for the first time since August 2016, to 0.25 percent from 0.75 percent, the central bank said in a statement.
The BoE maintained its target for government bond purchases to 435 billion pounds. It also maintained its corporate bond purchase target to 10 billion pounds.
The BoE also introduced a new term funding scheme for small businesses. It will offer four-year funding over the next 12 months.