Bank of England Governor Mark Carney has hinted the bank may need to implement interest rate cuts as monetary policy easing measures are likely to be required in the summer.
This comes after the UK voted for a departure from the European Union which has prompted a fall in the value of the pound against major currencies. It fell again on hints that economic stimulus measures might be forthcoming.
Mr Carney said the vote for a Brexit meant Britain's economic outlook had, in his view, deteriorated. The governor said members of the bank's Monetary Policy Committee, known as the MPC will make an assessment of the economic outlook in the middle of July.
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However Mr Carney said the UK is well placed to meet the challenges ahead.
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