The British Central Bank cut interest rates by half a percentage point to 0.25%.
According to Reuters, the move to support bank lending comes before the announcement of a budget that is expected to boost spending to support the British economy in the face of the outbreak of the Corona virus.
The cut comes after a similar move by the US Federal Reserve last week, the first time that such action has been taken outside the Bank of England's regular schedule since the 2008 financial crisis.
This brings the current interest rate back to the levels it was after the exit poll of the European Union in 2016.
The Bank of England said the bank will take all other necessary steps to support the UK economy and financial system consistent with its responsibilities established by law.
Finance Minister Rishi Sonak will present his first budget shortly after 1230 GMT and is expected to include more health care financing to fight the virus, as well as additional economic stimulus measures.
