BOE cuts interest rates to 0.25%, expands QE by £70bn

Bank of England (BOE) cut the benchmark interest rates by 0.25bps from 0.50% to a new record low of 0.25% for the first time in seven years, as widely expected. The decision was unanimous for a rate cut by the committee.

The central bank also expanded its asset purchase program by GBP 70 billion, prior QE was GBP 375 billion.