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Bank of England announces rate cut 0.25% to tackle coronavirus

The Bank of England has cut its main interest rate to 0.25% from 0.75%. The central bank said the decision came following the spread of Covid-19, which has seen stock markets and shares plunge around the world. In a statement, the bank said its role is to help UK businesses and households manage through an economic shock from coronavirus “that could prove sharp and large, but should be temporary”.

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