Bank of England cuts rates to 0.1%, ramps up bond-buying

LONDON (Reuters) – The Bank of England cut interest rates to 0.1%, its second emergency rate cut in just over a week, and ramped up its bond-buying program on Thursday in its latest attempt to shield Britain’s economy from the coronavirus outbreak.

The BoE’s Monetary Policy Committee voted unanimously for the rate cut and for a 200 billion-pound increase in the central bank’s bond buying program to 645 billion pounds ($752 billion).

Most of the extra debt the BoE will buy will be British government bonds, the BoE said as it followed other central banks around the world in ramping up their stimulus efforts.

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