Consistent with a marked deterioration in risk, appetite and in the outlooks for global in UK, growth indicators of financial market uncertainty have reached extreme levels.

Although the magnitude of the economic shock from Corona virus is highly uncertain, activity is likely to weaken materially in the UK over the coming months.

Temporary but significant disruptions to supply chains and weaker activity could challenge cash flows and increase the demand for short term credit from households and for working capital from companies.

Such issues are likely to be most acute for smaller businesses, and this economic shock will affect both demand and supply in the economy.

That's why we're acting today.

The MPC is reducing bank rate by half a percent to not 0.25%.

This action will help support net cash flows of borders during the period in which economic activity is likely to be disrupted.

The reduction in bank rate will help to support 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.

These measures will help keep firms in business and people in jobs, and they will prevent a temporary disruption from causing longer lasting economic harm.

Now, maximising the effectiveness of our response requires coordination across all the bank's policy committees.

That's why all policy committees are simultaneously acting today.

Maximizing the effectiveness of our response requires working in concert with her Magistris treasury.

That's why we're acting on budget day, when the chancellor will announce a series of government initiatives to support UK households and businesses.