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Bank of England Poised to Cut Rates to Cushion Brexit Hit to UK

Posted by Chris Advincula on Jul 14, 2016 6:43:30 AM


(July 14 Reuters) The Bank of England is set to cut interest rates for the first time in more than seven years as it tries to cushion the economy from the shock decision by voters to pull Britain out of the European Union.

Governor Mark Carney sent a clear signal two weeks ago that stimulus was on the way in an attempt to show the economy was in safe hands while the country's political leadership crumbled after the EU vote.

The central bank is expected to halve its benchmark interest rate to a new record low of 0.25 percent when it makes a monthly policy statement at 7:00 am ET on Thursday.

Then, at its following meeting in three week's time, the BOE is likely to revive its massive bond-buying program, according to a Reuters poll of economists.

Click on the link below to see the full story from Reuters: (by William Schomberrg)

Bank of England poised to cut rates to cushion Brexit hit to UK

Topics: Bank of England, Stocks, Europe, Forex, BOE, Fundamentals, Monetary Policy


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