The pound strengthened against the dollar and the euro yesterday after the Bank of England held its official meeting. The Bank said it was prepared to take further action to limit the economic damage from the coronavirus outbreak. Sterling is still strong this morning but remains vulnerable to coronavirus related news.
As expected, interest rates were held at the current record low of 0.1% by the Bank, after two emergency rate cuts earlier this month.
Later in the day, Chancellor Rishi Sunak announced new details on measures for the UK’s 5 million self-employed workers. The self-employed will be able to apply for a grant of up to £2,500 a month to help them cope with the financial impact of coronavirus.
The global markets have also stabilised, helping the pound to strengthen.
