The Bank of England has slashed its key interest rate to 0.1%, its lowest-ever level, amid global economic turmoil sparked by the coronavirus pandemic.

The bank’s Monetary Policy Committee says the unanimous decision is part of moves “to meet the needs of UK businesses and households in dealing with the associated economic disruption.“

Thursday’s rate cut came a week after the central bank cut its rate from 0.75% to 0.25%.

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