Following Britain's vote to leave the European Union, Bank of England Governor Mark Carney hinted at providing further stimulus in a speech on Thursday.
In remarks to business leaders, Carney said a material slowing in economic growth now looks likely to be the central forecast in reaction to the so-called Brexit.
Carney subsequently said the deteriorating economic outlook will likely require some monetary policy easing over the summer.
"The Committee will make an initial assessment on 14 July, and a full assessment complete with a new forecast will follow in the August Inflation Report," Carney said. "In August, we will also discuss further the range of instruments at our disposal."
Carney's remarks triggered a rally by stocks in the U.K., with the FTSE 100 Index surging up by 2.3 percent to a ten-month high.
by RTT Staff Writer
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