The Bank of England and UK Treasury on Wednesday took drastic measures to help cushion the country's economy against the impact of the global coronavirus outbreak.

The bank began by cutting interest rates from 0.75% to 0.25% — returning them to record lows. It said in a statement: “The reduction in Bank rate will help 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.”