Bank

In response to weak economic data and fears of a Brexit-induced slowdown in the UK, the Bank of England (BoE) cut interest rates from 0.5% to 0.25% on Thursday, its first rate movement since 2009. The cut was accompanied by a £70bn expansion of the BoE’s quantitative easing programme, of which £10bn is dedicated to the purchase of corporate bonds of firms that make a ‘material contribution’ to the UK economy. Meanwhile, the BoE warned that the UK’s economic outlook has ‘weakened markedly’.