The Bank of England on Thursday cut interest rates to a record low 0.25 percent in a broad stimulus package, citing the weaker economic outlook after the shock Brexit vote.

Policymakers voted unanimously to reduce its key rate by a quarter-point from 0.50 percent, cutting borrowing costs for the first time in more than seven years, in an emergency package worth up to £170 billion including £60 billion for more quantitative easing, it said in a statement.