BoE ‘will take all necessary further steps to support economy’

by AFP/ pic by BLOOMBERG

LONDON – The Bank of England “will take all necessary further steps to support the UK economy” from the coronavirus fallout, governor Mark Carney said Wednesday after the BoE slashed interest rates.

Carney’s pledge followed the BoE’s emergency rate cut announcement earlier Wednesday to a joint UK record-low 0.25 percent from 0.75 percent.

It comes ahead of Britain’s annual budget statement from 1230 GMT, set to be dominated by government efforts to help virus-hit businesses.

“The bank will take all necessary further steps to support the UK economy and financial system,” said Carney, adding that it was coordinating actions with finance minister Rishi Sunak.

“The bank is coordinating its actions with those that the chancellor (of the exchequer) will announce later today in the budget in order to ensure that our initiatives are complementary.”

Carney added that the BoE would continue to coordinate closely with international counterparts.