Bank of England rate cut response

Rain Newton-Smith, CBI Chief Economist, said:

“This latest move by the Bank of England shows a desire to do whatever it takes to protect the economy from the worst of the Covid-19 crisis.
“For many firms the situation is already critical, with dwindling cash flow forcing tough decisions.
“Companies are doing all they can to help employees through these unprecedented times. And the response from government and the Bank of England so far has been encouraging. But the economic impact also requires urgent, swift intervention to protect pay and livelihoods to be delivered within days.”