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The Bank of England cut its key interest rate by 0.5 percent point to 0.25 percent today as an emergency measure in response to the outbreak of the new coronavirus.
The central bank said the move would "help support businesses and consumer confidence at a difficult time.''
It said the effect of the new coronavirus on the British economy could be significant, with activity likely to "weaken materially'' in the coming months.
The bank said in a statement that the rate cut was part of a "comprehensive and timely package of measures to help U.K. businesses and households bridge across the economic disruption that is likely to be associated with COVID-19.''
"These measures will help to keep firms in business and people in jobs and help prevent a temporary disruption from causing longer-lasting economic harm,'' it said.
Britain has confirmed 373 people are infected and six have died.

The U.K. government is due to announce more measures to support the economy in a budget later today.
Treasury chief Rishi Sunak is considering measures to stimulate an economy already weighed down by uncertainty over Britain's future trade relationship with the European Union.
Business groups have urged Sunak to let firms defer tax payments and to back emergency loans for struggling enterprises. Unions sough a guarantee that self-employed and contract workers will get sick pay if they have to stay home.-AP

Bank of England cuts rates by 50 basis points to 0.25pc