The Bank of England's Monetary Policy Committee held the policy rate unchanged at 0.1% in March after making two emergency rate cuts earlier in the month to help the economy in the face of the coronavirus outbreak. The Asset Purchase Facility remained steady at €645 billion as well.
Key takeaways from the policy statement
"Economic consequences of coronavirus developments are becoming more apparent and a very sharp reduction in activity is likely."
"There is risk of longer-term damage to the economy."
"Saw widespread evidence of disruption to market functioning."
"UK and global financial conditions have tightened materially."
"Monetary policy should take into account the broader public policy response to reduce the disruptive consequences for households and businesses of the spread of COVID-19."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.