The Bank of England’s (BOE) ability to support the economy will be hampered if Brexit is delayed again, BOE’s Deputy Governor Dave Ramsden said in an interview with The Telegraph newspaper.
Key quotes (Source: Reuters)
Britain’s economy had been so damaged by uncertainty about Brexit – chiefly via a steady fall in investment by companies – that it could hamper the BoE’s ability to help it.
I see less of a case for a more accommodative monetary position if the deadline for leaving the European Union is pushed back beyond Oct. 31.
Ramsden is cautious about the economy’s growth potential due to Britain’s poor record on productivity which contracted at the fastest annual pace in five years in the second quarter.
The global trade war is weighing on firms’ willingness to invest around the world too.
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