Covid-19: Economy - Question

Part of the debate – in the House of Lords at 11:07 am on 30th April 2020.

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Photo of Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip) 11:07 am, 30th April 2020

Of course, decisions around monetary policy are for the independent Bank of England. It has already taken action in this crisis, including cutting the bank rate from 0.25% to 0.1% and introducing the Term Funding Scheme with additional incentives to support small and medium-sized enterprises during this time.