The Bank of England has cut interest rates from 0.25% to 0.1% in another emergency move to shore up an economy shaken by the coronavirus pandemic.
The Bank said that financial conditions in the UK and globally have "tightened" in recent days due to weaker market conditions.
The emergency meeting came less than a week before the MPC's next scheduled meeting on Wednesday March 25.
It comes as Prime Minister Boris Johnson issued a warning to the public to "stay at home", as the COVID-19 death toll continues to rise in the UK and globally.
The Pound reached its lowest level in 34 years on Wednesday, after it emerged all schools would be closed from Friday afternoon until further notice.
MoneySavingExpert.com founder Martin Lewis tweeted: "Base rate now 0.1% - the lowest ever in 100s years of history. Staggering."
The Bank of England said its Monetary Policy Committee (MPC) voted unanimously in favour of the rate cut - which comes less than a fortnight after rates were slashed to 0.25%.
It said it would also make an extra £200billion in bond purchases, effectively printing new money to push into the financial system to support activity as the virus threatens to all but shut down the economy.
In a statement, the central bank said: "Over recent days, and in common with a number of other advanced economy bond markets, conditions in the UK gilt market have deteriorated as investors have sought shorter-dated instruments that are closer substitutes for highly liquid central bank reserves.
"At its special meeting on 19 March, the MPC judged that a further package of measures was warranted to meet its statutory objectives.
"It therefore voted unanimously to increase the Bank of England's holdings of UK government bonds and sterling non-financial investment-grade corporate bonds by £200 billion to a total of £645 billion, financed by the issuance of central bank reserves, and to reduce Bank Rate by 15 basis points to 0.1%."
The economy has been struggling at the hands of the coronavirus outbreak - which has left streets deserted and shops stripped of essential items in the past few weeks.
Major car manufacturers have closed their doors - while airlines have been forced to send workers home unpaid.
Pubs and restaurants have now warned the Government has just 24 hours left to save them from closure - after Johnson told the public to avoid public places for the foreseeable future.
Tory minister Greg Clark insisted businesses are "facing a crisis" as revenue is "collapsing", and he added the Government's £330 billion guarantee scheme - which includes loans - provides "no reason to keep staff employed".
He said "large numbers of people will be unemployed" if the Government does not act immediately, with the MP suggesting the nation should be "paying the wages" of people for the next few weeks in order to prevent redundancies.
Asking an urgent question in the Commons, Clark said of businesses: "With revenue collapsing and no knowledge of when normal trading can resume, they see no choice but to lay off workers now.
"The loan scheme the Chancellor announced on Tuesday is not enough to prevent that.
"These businesses have no idea when they will be able to pay back the debts that they would incur.
"It provides no reason to keep staff employed. In fact the reverse - because the smaller the wage bill, the less would have to be borrowed."
UK Chancellor Rishi Sunak has now said he is ready to take "whatever action necessary in COVID-19 coronavirus crisis" on the back of the Bank's decision.
