BOE cuts key rate by 50bps to 0.25% to tackle coronavirus, GBP/USD falls below 1.2900

The Bank of England (BOE) unexpectedly cuts its bank rate by 50bps from 0.75% to 0.25%, in a surprise move to cushion the blow of the coronavirus on the economy.

Additional headlines

Announcing policy measures to tackle coronavirus.

Will introduce new term funding scheme for small businesses.

Term funding scheme will offer 4-year funding over next 12 months.

Term lending will be available at or very close to bank rate.