Source: Bank of England
The spread of Covid-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary. The role of the Bank of England is to help to meet the needs of UK businesses and households in dealing with the associated economic disruption.
In light of actions to tackle the spread of the virus, and evidence relating to the global and domestic economy and financial markets, the Monetary Policy Committee (MPC) held an additional special meeting on 19 March.
At its special meeting, the MPC voted unanimously to reduce the Bank Rate to 0.1%. The next regularly scheduled MPC meeting will end on 25 March, with the minutes published on 26 March.