Bank Of England Cuts Rates To Record Low On Brexit

Sumaira FH Published August 04, 2016 | 10:08 PM

LONDON, (APP - UrduPoint / Pakistan Point News - 4th August, 2016) - The Bank of England on Thursday slashed interest rates to a record low 0.25 percent and announced a vast stimulus package to combat economic fallout from Britain's looming EU exit.

Policymakers voted unanimously to reduce rates by a quarter-point, the bank said in a statement after its latest meeting, cutting borrowing costs for the first time in more than seven years. The BoE expects to trim rates again later this year to just above zero, it signalled in a statement after its monetary policy meeting. The central bank also delivered a #170-billion ($227-billion, 200-billion-euro) stimulus package, which it added could be expanded further.