In light of “Corona” .. Bank of England will cut interest rates to 0.25%

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News now United kingdom – BBCreuters

The Bank of England has announced a 0.5% rate cut to 0.25%, announcing measures to support bank lending, before announcing a budget that might boost spending to support the British economy in the face of “Sk“.

The bank said in a statement that it “will take all other necessary steps to support the UK economy and financial system consistent with its responsibilities established by law.” With the latest cut, the current interest rate is returning to the low levels it was after the exit poll of the European Union in mid-2016.

The move comes after a similar move by the US Federal Reserve last week, knowing that it is the first time that such action has been taken outside the Bank of England’s regular schedule since the financial crisis in the world in 2008.

However, European shares rose for the first time in 5 sessions, on Wednesday, after Britain cut interest rates. According to reports, “At 08:03 GMT, the European Stoxx 600 index was 1.4 percent higher, while the Financial Times index in London rose 1.5 percent after the Bank of England cut interest rates for the first time since August 2016”.

In Germany, France and Spain, stock exchanges rose between 1.4 and 2.2% after registering a decline over 3 days due to the drop in oil prices and the spread of Corona. However, all the indicators of the European sectors rose, especially oil and gas, utilities, cars and banks.

The whole of Italy has become a red isolated area

On March 10, Italy started its first days of complete closings across the country to stem the spread of infection. About 60 million Italians have woke up today to a complete closure of the country, and the authorities have asked people to stay in their homes.

Image source: getty

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