UK cuts main interest rate from 0.75% to 0.25% due to coronavirus fears

The Bank of England (BoE) on Wednesday announced a cut from 0.75% to 0.25% to its interest rate, creating the lowest borrowing costs in the history of UK.

The BoE has also announced it will free up billions of pounds to support small- and medium-sized companies and implement new steps to help commercial banks lend more money to firms.

The decision came after a sixth person died from the coronavirus in UK, which has reported a total of 382 COVID-19 cases so far.