The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic.

It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%.

Interest rates are now at their lowest level in history.

The Bank said it would also increase its holdings of UK government and corporate bonds by £200bn effectively pumping more money into the economy.

It’s a dramatic move by Andrew Bailey who only took over from Mark Carney as Bank of England governor on Monday.