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The Monetary Policy Committee at a special meeting on 19 March voted to cut the Bank rate to 0.1% and increase its holdings of UK government and corporate bonds by £200 billion. The total level of QE is now £645 billion.

Governor Andrew Bailey has announced the decision after only three days in the job. His predecessor Mark Carney slashed the interest rate from 0.75% to 0.25% earlier this month in the response to the coronavirus crisis. 

The British government has been following its peers in the continent with measures of social distancing, including limiting transport in London and closing schools. 

GBP/USD is trading around 1.1660, holding onto its recovery after collapsing on Wednesday by some 700 pips.

— more to come

GBP UDS after new 200 billion pounds QE March 19 2020