On 11th March, the Governor of the Bank of England, Mark Carney announced that interest rates would be reduced to 0.25% in order to support businesses and consumer confidence during a time of crisis.
Less than a week later, Chancellor Rishi Sunak unveiled £330bn of extra support to help businesses and individuals deal with the financial difficulties that are being caused by the Covid-19 outbreak.
These two decisions highlight the Chancellor’s comments during a news conference, that a “collective national effort” would be required to get us through this.