Steve Sedwick joins us from London and see, what's the reaction there?

Well, I'll tell you what.

I just looked in the 1st 100 it's barely up on the day.

The key level here is 6000.

And quite frankly, we were way above that at our highs of the session yesterday, before we saw this emergency action.

The key thing here is it's not just about the rate cut.

It's about the stimulus measures.

Below the surface is one.

We've got this terribly clumsy acronym, the T F S M E, which is basically term funding for smaller medium size enterprises, and it is significant.

But basically it could free up around £100 billion for smaller companies who were starved of credit back in 2008.

Plus, countercyclical buffers for banks are being reduced, which means there's potentially another £190 billion that the banks can lend to small companies well.

But Mark Carney, the outgoing governor of the Bank of England, pains adore thee differences rather than the comparisons between now on what we saw, the GFC in 2008.

Let's listen in.

It is a different form of shock in 2008 on his the President guard knows well on we've had this discussion that and we lived through 2008 and our previous rolls, Uh, that the financial system was the core of the problem in 2008.

It was the core of the problem on it.

Uh, it isn't very much different place where we can draw on the resources of that.

There is no reason for this shock to turn into the experience of 2008 a virtual lost decade in a number of economies.

If we handle it well, I'm Becky.

What we're all looking at, of course, is is their global coordination.

Is the Bank of England working not only with the UK Exchequer, because later on today, we're gonna hear what the chancellor of the Exchequer is going to say about stimulus measures short and long term for the UK economy, but also about the global coordination.

I remember being back in 2009 at the G 20 meeting here in London.

It was President Barack Obama's first big international conference, and he and Gordon Brown, both in April at the G 20 and then in September at Pittsburgh G 20 which you'll remember very well coordinated a global stimulus package.

That's very interesting to hear Mark Carney time and time again today, talking about not only coordination with the UK Exchequer but also coordination, a high degree of coordination, he mentioned between the central banks around the globe.

And of course, that means not only the FOMC but B O.

J and, of course, the E C B that he was referring to in that better sound.

We played just now as well.

So it looks like this is very targeted and it's basically telling the banks do not hang on to the money.

Do not starve small companies of credit because that was one of the big problems in 2008 in 2009 and they said that the regulators will be watching very, very hard.

They don't want to be bigger bonuses for bankers.

They don't see bigger dividends for shareholders.

What they want to see is this money going straight to those medium sized companies who are the bedrock of any economy, whether it's UK, us or indeed global as well, but a big bazooka of stimulus.

This morning I'm gonna be running three miles up the road in a little while as well.

To hear what, Rishi, Sir Neck is a man who was basically unknown to the world even a couple of weeks ago.

He's now the most important finance minister.

Of course, in you're one of them, at least I should say he's got to deliver a stimulus package which, let's not forget as well was supposed to be the post Brexit, the post election.

But zuko, for the UK economy now nobody even talks about Brexit is the clear and present danger for the UK economy.

It's all about Corona virus.