Bank of England cuts key interest rate to historic low
The Bank of England on Thursday cut its benchmark interest rate to the lowest in its 322-year history at 0.25%, its first cut since 2009. This was accompanied by stimulus packages worth nearly £170 billion amid attempts to cushion the UK economy following the 'Brexit' vote. Further, BoE downgraded its 2017 growth forecast for the economy from 2.3% to 0.8%.