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Bank of England cuts rates to record low on Brexit

Bank of England policymakers voted unanimously to reduce its key interest rate by a quarter-point from 0.50 percentThe Bank of England on Thursday slashed interest rates to a record low 0.25 percent and announced a vast stimulus package to combat economic fallout from Britain’s looming EU exit. The BoE also delivered a £170-billion ($227-billion, 200-billion-euro) stimulus package, and axed its economic forecasts for 2017 and 2018 in the wake of the nation’s June 23 Brexit referendum. The bank’s nine-member Monetary Policy Committee (MPC) also agreed to re-activate its quantitative easing (QE) bond-buying scheme, lifting it by £60 billion to £435 billion in the first increase since 2012.

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