Mark Carney, Governor of the Bank of England, said Brexit would spark an “adjustment” that meant there would be a “new reality” for the post-Brexit economy.
by Szu Ping Chan
In the end, there was no “R” word.
In what economists described as a “shot in the arm” for the UK economy, the nine members of the Bank of England’s Monetary Policy Committee delivered a package of measures designed to prevent a Brexit-induced slump, keep banks lending and consumers and businesses spending.
The four-part stimulus package, including a reduction in interest rates to a fresh low of 0.25pc, from 0.5pc, would help the UK to avoid recession, but that didn’t mean all was well.