Monetary policy only offers short-term balm for UK -BOE
[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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
‘We have our jury’: panel selected for Trump criminal trial
UK wage growth and services inflation too high for rate cut, BOE’s Greene says
US to reduce licensing by 80% for UK, Australia to boost Aukus
IMF tells Asian central banks not to follow Fed too closely
UN chief warns Mideast on brink of 'full-scale regional conflict'
IMF boss says ‘all eyes’ on US amid risks to global economy