Chancellor: There will be temporary economic disruption due to coronavirus crisis

The video discusses the temporary economic disruption caused by supply and demand issues, affecting up to 1/5 of the working population and global supply chains. It outlines a strategy to support individuals and businesses, emphasizing temporary, timely, and targeted responses. The Bank of England's coordinated actions, including interest rate cuts and SME funding, aim to stabilize the economy. Confidence in recovery is expressed, with life expected to return to normal.

What role does the Bank of England play in addressing the economic disruption?

What is the significance of the reduction in interest rates in the context of the economic situation?