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In a choreographed move, the Bank of England cut interest rates by half a per cent hours before an unexpected raft of economic interventions in the Budget.

The emergency rate cut takes the Bank Rate down to 0.25%, the same level it reached in the aftermath of the global financial crisis.

It’s a parting shot for Bank of England governor Mark Carney, who is preparing to hand the reins over to Andrew Bailey.

With uncertainty around the economic impact of the coronavirus, the Bank believes there’s a good chance the domestic economy will suffer a short-term hit.