BOE cuts bank rate by 50 bps from 0.75% to 0.25%
BOE follows the Fed into an emergency rate cut - 11 March 2020
The central bank maintains its gilts purchase target at £435 billion with the corporate bond target also unchanged at £10 billion. Meanwhile, they also announce that they are easing the countercyclical buffer to 0% from 1% previously.
The full statement on the decision can be found here.
The pound has dropped on the announcement here, though this has been largely priced in already as seen last week here. The BOE policy meeting this month was scheduled for 26 March and I reckon they would keep rates unchanged at the meeting now.