BoE Cuts Bank Rate to 0.25%; Expands Q2 by £60 Billion to Purchase Corporate Bonds

The Bank of England has made a significant decision, cutting its bank rate to an unprecedented low of 0.25%. Following their policy meeting on Thursday, the Bank also announced an increase in its asset purchase program by £60 billion. These measures aim to mitigate the potential economic impact of Brexit, with additional plans to purchase corporate bonds valued at £10 billion. In response to this announcement, the value of the pound dropped over 1% against the dollar, falling to $1.3161 from a previous high of $1.3345.