Breaking News
Business leaders react to the BoE emergency interest rate cut
The Bank of England has this morning announced a rate cut of 0.25% to tackle coronavirus.
Please find a comment from Giles Coghlan, Chief Currency Analyst at HYCM, reacting to the news.
“Much can be said about the timing of this cut. It comes not only amidst one of the biggest public health crisis in recent memory, but on the day Boris Johnson’s government will deliver its first highly anticipated budget.
“Like the US, the hope is to bring some immediate relief to businesses and also encourage a spike in new investment activity. It looks to be another eventful few days of trading.
“This is expected to be a temporary cut with interest rates being increased when the coronavirus outbreak is behind us. It will be interesting to see how the combination of fiscal stimulus from the Government and monetary stimulus from the Bank of England will impact the GBP today. Expect a choppy day for the GBP.”
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