BoE announces emergency rate cut

Hi everyone,

Overnight, the BoE have decided that in the wake of the coronavirus outbreak, to lower interest rates to the lowest level in history.  The MPC overwhelmingly agreed to lower the basic interest rate from 0.75% to 0.25%.

The initial response from the Pound was to fall over 1% across the board, but has since recovered and actually looks poised to jump up after the budget in a couple of hours. The majority of analysts are saying that the swift action made by the BoE is competent and effective and puts the UK & the £ ahead of other developed countries in adapting to the upcoming economic strain.

Governor Carney has said 'the virus shock could be sharp, but temporary on the economy'. He continues to say that 'there will be a clear problem with demand and supply in terms of the consumer'. Meaning, the public will be more stringent with their money. He adds, 'unlike the credit crunch over a decade ago, where banks and the financial system were at the core of the problem. The banks now have the chance to ease pressure on businesses that may suffer near-term with low interest loans and keep people in jobs.'

We will send another report after the budget later today.




Upcoming Data


Wednesday, 11th March, 2020

11:00 US - Mortgage application
11:30 UK - UK budget
12:30 US - CPI & average earnings
14:30 US - Crude oil inventories
18:00 US - Monthly budget statement 

Thursday, 12th March, 2020

00:00 UK - House prices
10:00 EU - Euro-Zone industrial production
12:30 US - Jobless claims
12:45 EU - ECB rate decision

Friday, 13th March, 2020

07:00 EU - German CPI
12:30 US - Import/export price


Dan Waterman
Office Manager



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