Salman Haqqi, personal finance expert at money.co.uk, said: "Whilst the drop in interest rates will be welcomed by many, it does little to help those who are unable to refinance existing debts like credit cards.

"Bearing in mind that total monthly credit card payments are over 13billion across the UK and the average household has unsecured debt of around 15,400, if coronavirus really does start to impact people's earnings, we'll need to see more than a drop in borrowing rates to support society's most vulnerable.

"Money.co.uk's report on personal debt revealed that five million people started 2020 with individual debts of over 10,000. Read more here