The Bank of England in London cut the interest rate on Wednesday as Europe battles a widening outbreak of COVID-19. Photo by Andy Rain/EPA-EFE
March 11 (UPI) -- The Bank of England slashed its interest rate by half of a percentage point on Wednesday to aid the economy amid the coronavirus outbreak that continues to tighten its grip on Europe.
The bank rate was cut from 0.75 percent to 0.25 percent after a unanimous vote by the Monetary Policy Committee on a package of measures aimed to help British businesses and households "bridge across the economic disruption" caused by COVID-19, a coronavirus that has killed thousands worldwide.
The bank said in a statement that the move was done "to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households and to reduce the cost, and to improve the availability, of finance."
The cut was cheered by the British Chambers of Commerce, which called it a decisive move "at this delicate moment."
"The Bank and U.K. financial institutions must now work together to ensure that these policy measures translate into real-world support for firms on the ground," it said in a statement.
The move comes as Britain reported 54 new cases of COVID-19 on Tuesday, increasing its total to 324 patients and six deaths, according to Britain's Department of Health and Social Care.
Among the new patients was Nadine Dorries, a member of Parliament and health minister, who tested positive for COVID-19 and has isolated herself at her home, according to Matt Hancock, secretary of state for Health and Social Care.
"It's been pretty rubbish, but I hope I'm over the worst of it now," Dorries said in a statement. "More worried about my 84-year-old mum who is staying with me and began with the cough today. She's being tested [Wednesday]."
Italy, the hardest-hit country by the virus second only to China where to emerged in December, began a national lockdown on Tuesday when it saw its number on infections top 10,000 and its dead climb over the 600 mark.
"Italy's future is in our hands," Italian Prime Minister Giuseppe Conte said in a statement after signing the lockdown decree. "We all do our part, giving up something for the good of the community. At stake is the health of our loved ones, our parents, our children, our grandparents."
On Tuesday, Italy said it was suspending mortgage payments to lessen the burden of the COVID-19 and the lockdown.
The European nation now has 10,149 cases of COVID-19 and 631 deaths to the virus.
Neighboring France, the second hardest-hit country in Europe, has recorded 1,784 cases and 33 deaths and Spain confirmed 418 new cases on Tuesday, increasing its total to 1,639 cases and 35 deaths.
Cyprus on Tuesday recorded its first cases of COVID-19, becoming the 27th and last European Union member state to be infected with the virus. Europe has recorded more than 15,000 cases.
At least 115 countries have been infected with COVID-19, according to a live tally by Johns Hopkins University.
In Asia, Chinese health officials reported 24 new cases of COVID-19 on Wednesday, continuing a trend of slowing coronavirus infections in the country worst hit by the virus.
China has recorded 80,778 confirmed cases of COVID-19 since the outbreak began but has experienced a gradual drop in the number of new cases over the past few weeks while seeing an increase in its imported infections.
Of its new infections, 10 crossed over its board, increasing its total number of imported cases to 79.
The National Health Commission said of Beijing's six new cases, five came from Italy and one from the United States, two countries that have seen their epidemics recently bloom.
Of its domestic cases, 13 were reported in Hubei province where the outbreak began.
Health officials also reported 22 new deaths, all in Hubei, increasing the nation's death toll to 3,158.
