The Bank of England has announced that it will be making changes to its interest rates. As of November 5th, 2020, the Bank of England has reduced the Bank Rate from 0.1% to 0.1%. This is the first time the Bank Rate has been changed since March 2020, when it was cut from 0.75% to 0.1%.
The Bank of England has also announced that it will be introducing a new Term Funding Scheme (TFS) for small and medium-sized businesses. This scheme will provide up to £100 billion of additional funding to these businesses, with interest rates of 0.8%.
The Bank of England has also announced that it will be introducing a new Corporate Bond Purchase Programme (CBPP). This programme will see the Bank of England purchase up to £20 billion of corporate bonds over the next 12 months. This is intended to help support the corporate bond market and provide additional funding to businesses.
Finally, the Bank of England has announced that it will be introducing a new scheme to help households affected by the coronavirus pandemic. This scheme will provide up to £200 billion of additional funding, with interest rates of 0.5%.
These changes are intended to help support the UK economy during this difficult period, and to ensure that businesses and households are able to access the funding they need.