Brexit: Bank of England promises measures to support stability
Bank of England governor Mark Carney has made a statement promising to do whatever it takes to support the UK economy.
Amid the key factors he has highlighted in order to ensure stability include:
Noting that as a result of regulatory measures banks in the UK have built up £600bn of good quality liquid assets
That the Bank stands ready with £250bn of additional funds to support normal market operations
That the Bank can also provide foreign exchange rerserves, which companies can draw on as necessary
And that in coming weeks the Bank will review market conditions and consider additional measures
Carney added that the contingency plans in place along with measures put in place in recent years following the global financial crisis means that UK financial markets are “capitalised, liquid and strong”.
He added that looking forward the economy “will adjust” to new trading agreements and that the bank will pursue “relentlessly” stability.