(MENAFN) In a move to ease the blow from Britain's June 23 vote to leave the European Union, the Bank of England cut interest rates for the first time since 2009.
In detail, the bank said it would buy 60 billion pounds of government debt, expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year.
But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another to ensure banks keep lending even after the cut in interest rates.
Sterling fell 1 per cent against the dollar following the announcement, while British government bond yields hit record lows and the main share index rose by 1 per cent.
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