Pound Plunges as Bank of England Cuts Interest Rates for First Time Since 2009

by Tara Cunningham, Business Reporter

[…] The Bank of England has unveiled a four-pronged stimulus package designed to boost the economy and prevent a recession following the vote to leave the European Union.

The pound tumbled and UK gilt yields dropped to fresh lows after the Bank surprised markets by restarting its money printing programme to buy government and corporate debt alongside the first interest rate cut in seven years.

In what economists described as a “forceful response” to an expected UK slowdown, policymakers voted unanimously to cut rates to 0.25pc, from a previous record low of 0.5pc.

Policymakers signalled that they were likely to vote for further cuts towards zero within months.

Continue Reading at Telegraph.co.uk…