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Free AccessBRIEF: Trade Reactions Must Be Proportionate-EU's Dombrovskis
MNI POLICY: Bank of England Cuts Bank Rate 50Bps To 0.25%
LONDON (MNI) - The Bank of England cut its benchmark Bank Rate by 50bps to
0.25% Wednesday and moved to introduce a new Term Funding scheme to provide
liquidity to smaller and medium-sized enterprises as the UK economy is hit by
coronavirus
In a move ahead of the open of the London markets, the Monetary Policy
Committee announced it had voted unanimously to cut rates, maintain the current
stock of asset purchases and to introduce Term Funding with additional
incentives for smaller businesses.
"The reduction in Bank Rate will help to support business and consumer
confidence at a difficult time, to bolster the cash flows of businesses and
households, and to reduce the cost, and to improve the availability, of
finance," the Bank said in a statement accompanying the decision.
The Bank's regulatory arm said it would reduce the counter-cyclical capital
buffer to 0% of banks' exposure to UK borrowers with immediate effect.
The rate had been set at 1% and was due to rise to 2% by December this
year. The 0% level is expected to be in place for at least 12 months, the Bank
said.
The minutes of the special MPC meeting held on March 10 will be published
at 1200GMT on Friday. Governor Mark Carney and Governor-designate Andrew Bailey
will hold a press conference at 0900GMT on Wednesday.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
[TOPICS: M$B$$$,M$E$$$,MT$$$$,M$$BE$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.