The BoE is the first central bank in a major economy to raise interest rates since the pandemic began
A bigger than foreseen increase in consumer spending has lifted the U.K. above Italy
The central bank halted dividend hikes for lenders last March before loosening restrictions in December
The bank is projecting economic growth of 7.25% for the U.K. in 2021
The new currency would exist alongside cash and bank deposits
Monthly data indicated the economy began to bounce back in June
EU leaders are expected to endorse a financial aid package worth 540 billion euros
In addition to cutting the rate to 0.1%, the central bank said it was relaunching its monetary stimulus program
In addition to the rate cut, the central bank announced other emergency measures
The OECD has lowered its global growth forecasts by half a percentage point