Interest rates slashed to a 325-year low

20 Mar 20

Small businesses that rely on credit, such as bank loans or overdrafts, have been boosted by the Bank of England’s decision to reduce interest rates.

In an emergency move to help firms deal with the coronavirus pandemic, rates were cut to 0.1%.

Interest rates in the UK are now the lowest ever in the Bank of England’s 325-year history.

Last week, the Bank cut interest rates to 0.25% and revealed a package of measures to help businesses deal with the economic fallout from COVID-19.

Elsewhere, Prime Minister Boris Johnson yesterday urged companies to “think very carefully” before laying off any staff to cut costs.

In his daily COVID-19 briefing on Thursday, the PM said the Government will support businesses and they should support their employees.

Chancellor Rishi Sunak is expected to announce an employment and wage subsidy package in a bid to save colossal job losses in the UK.

Many firms risk collapse without government intervention to help them through these unprecedented times.

Earlier this week, Sunak confirmed a financial package worth £350 billion – 15% of the entire UK economy – to prop-up struggling businesses.

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