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[LONDON]Monetary policy can only offer a"short-term balm" for the uncertainty facing Britain's economy in light of the vote to leave the European Union, the Bank of England's chief economist said on Sunday.
Andy Haldane said the Monetary Policy Committee was under no illusions that it could fully insulate Britain from the long-term effects of June's Brexit vote, in an opinion piece published by the Times newspaper. "This is a structural shift in the UK's economic and trading regime, whereas monetary policy can offer no more than a short-term balm for economic uncertainty," Mr Haldane said.
Earlier this month the Bank of England cut interest rates to a new record low 0.25 per cent and restarted its bond purchase programme in response to signs Britain's economy has slowed materially since the shock vote to leave the EU.