The Bank of England has announced an emergency interest rate cut to help UK plc cope with the economic shock from coronavirus as Chancellor Rishi Sunak prepared to unveil a huge spending boost in his first Budget.

The Chancellor will promise to invest "historic amounts" on infrastructure and innovation in a Budget he will deliver against a backdrop of instability caused by the spread of the virus.

Hours before he was due to unveil his package, the Bank of England set the scene with the rate cut from 0.75% to 0.25% and a series of other measures designed to help businesses and households through a coronavirus economic shock "that could prove sharp and large, but should be temporary".

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It is understood the infrastructure spending figure in the Budget could be more than £600 billion over the five-year Parliament.

However, the Government has faced criticism for delaying its key National Infrastructure Strategy to tackle the climate crisis and boost transport connectivity.

Analysts were keeping a watchful eye on whether the Chancellor sticks to the Tories' fiscal rules as he seeks to shepherd the UK through the coronavirus outbreak.

The Treasury said he would triple the average net investment seen over the past 40 years, taking it to the highest levels in real terms since 1955.

Speaking on the eve of his first Budget, Mr Sunak pledged that "no region will be left behind" when he unveils the financial plan.

"We have listened and will now deliver on our promise to level up the UK, ensuring everyone has the same chances and opportunities in life, wherever they live," he added.

"By investing historic amounts in British innovation and world-class infrastructure, we will rebalance opportunities and lay the foundations for a decade of growth for everybody."

The incoming investment was said to be shaped by the findings of a review by the "Green Book", the manual used by ministers to make investment decisions across the country.

Shadow chancellor John McDonnell accused the Treasury of publishing "exaggerated claims" on partially fixing infrastructure he blamed the Tories for damaging.

"Mr Sunak is asking us to congratulate him for partially rebuilding what the Conservatives have destroyed over the last 10 years," the Labour MP added.

Mr McDonnell also warned that public services are in a "vulnerable position" to deal with the "shock" of the coronavirus as he called for urgent investment.

FirstGroup said it has received "significant interest" after starting a formal sale process for its North American bus contract businesses.

The transport giant, which has come under fierce pressure from an activist investor in recent days, confirmed it is looking at offloading the First Student and First Transit businesses.

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David Martin, First Group's chairman, said: "We firmly believe that a sale of these assets is the best way to unlock material value for all FirstGroup shareholders, having completed a detailed review and analysis with advisers appointed by the board to explore all options."

On Monday, activist investor Coast Capital accused FirstGroup bosses of failing to properly engage on its plans to sell the company's North American bus and coach division.

The fund, which owns a 10% stake in the business, said "unless the board announces a separation", Coast will demand a special shareholder meeting for investors "to vote on an immediate de-merger of the North American operations".

FirstGroup, which operates Great Western Railway, South Western Railway, TransPennine Express and Avanti West Coast, said in December a sale of its US businesses was under way.

It also runs the Greyhound bus business in the US, but said the arm has seen trading slip 3.5% in the year-to-date amid a "difficult trading environment".

Meanwhile, the FTSE 250 company said current group trading is up 7.5% in the year-to-date with no significant impact from Covid-19 seen yet.

Mr Martin added: "Despite near-term uncertainty in the wider markets, there remains a fundamental need for people to travel safely and conveniently for business, education, social or recreational reasons which is essential to sustainable and thriving economies and communities.

"We are resolutely focused on delivering our plans - including the portfolio rationalisation strategy - in the best interests of all shareholders."

The company added that its UK rail business has seen trading improve following the introduction of new trades and timetable changes for its Great Western Railway line.

Prudential has said the outbreak of Covid-19 has "dampened" its sales momentum in Hong Kong and China and it believes a decrease in new sales in areas affected by the virus could weigh on its profits.

The insurance giant provided the update as it reported a 20% jump in adjusted operating profit from continued operations to $5.31 billion (£4.11 billion), on the back of strong growth in Asia.

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The company also announced that it is preparing to float its US business, Jackson, in a minority IPO (initial public offering).

Mike Wells, Prudential's group chief executive, said: "We have delivered another positive performance during 2019, despite significant macroeconomic and geopolitical volatility.

"Our clear strategy and strong execution have enabled us both to deliver profitable growth and to position ourselves for further growth into the future.

"The broad geographic spread of our business across the region and the strength of our recurring premium business model lends considerable resilience to our earnings.

"I am confident that, with our clear focus on our structural growth markets and our continuing operational improvements, we will continue to deliver profitable growth for our investors and benefits for our stakeholders over the medium and long term."