Bank of England chief economist Andy Haldane wants “muscular” easing to help economy post-Brexit vote
The Bank of England's chief economist has said it must act "promptly as well as muscularly" to counteract the effects of Britain's vote to leave the European Union.
In a speech delivered a week after the EU referendum, Andy Haldane said that Threadneedle Street should ease monetary policy to protect the economy and jobs.
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He added that the central bank must create a potent package of monetary policy tools ahead of the next rate-setting meeting on 4 August.
The speech was made two weeks before rate-setters surprised markets by failing to cut interest rates below the record low 0.5 per cent yesterday.
"Given the scale of insurance required, a package of mutually-complementary monetary policy easing measures is likely to be necessary," he said.
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"And this monetary response, if it is to buttress expectations and confidence, needs I think to be delivered promptly as well as muscularly."
"By promptly I mean next month, when the precise size and extent of the necessary stimulatory measures can be determined as part of the August Inflation Report round."