The Bank of England has announced an emergency cut in interest rates amid the coronavirus outbreak in a bid to prevent an economic crisis.

Rates have been slashed by 0.5%, taking borrowing costs back down to the lowest level in history.

Ian Guider, markets editor of The Business Post, discussed this story and more in our daily business update, including:

• The head of the ECB warns the coronavirus could have as bad an effect on the European economy as 2008 financial crisis
• Number of visitors to Ireland up by just under 2% last year
• Kerry Group announces $125 million investment in US food manufacturing facility

Listen to the interview in full by pressing the play button on this page.