British economy nearly 10% smaller than in 2019
Monthly data indicated the economy began to bounce back in June
EU leaders will hold a virtual summit Thursday to discuss a financial aid package
“The public demands fast action,” said the central bank’s new governor
The cut took the main rate to a record-low 0.25%
The central bank referred the case to the Financial Conduct Authority
The decline was unexpected
Fears of a no-deal Brexit are hobbling growth, bank says
Economists warn of deep recession if the U.K. leaves the EU without a deal
The decision helps reduce one of the immediate uncertainties surrounding Brexit