UK central bank warns of financial risks in wake of Brexit
00:06, Sep 25, 2016
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Britain still faces a "challenging period" for financial stability despite resilience seen after the European Union referendum, and rules for banks must remain stay tight, the Bank of England said on Thursday.
Traders "weren't really expecting what she said", said Stuart Bennett, head of Group-of-10 currency strategy in London at Banco Santander SA. Although some business investment seemed on hold - a BoE survey on Wednesday pointed to the weakest investment intentions since 2010 - she said consumer spending was resilient and net exports looked set to pick up.
Forbes established herself as one of the central bank's most sceptical rate-setters last month when she opposed restarting purchases of government bonds, although she did back a cut in the BoE's benchmark borrowing cost to a new record low. "Looking forward, I am not yet convinced that additional monetary easing will be necessary to support the economy".
"There is more momentum in the economy in the second half of this year".
But it said the rebound in some economic indicators had not substantially shifted its longer-term view that Britain's economy would suffer as a result of the Brexit vote, and that most policymakers still expected to cut rates again this year. "We'll be starting next year on a stronger footing so there will be some automatic translation", she said in a question and answer session after speaking at Imperial College, London.
"We may be over-counting the effects", Forbes was quoted as saying by Bloomberg News.
While Forbes is well known for her hawkish stance on policy, her words had an effect, and sterling extended its advance from a five-week low against the dollar.
The warning was released following a meeting of the committee earlier this week amid a wealth of data suggesting the short-term impact on Britain's economy from the referendum result had been measured, despite warnings of economic mayhem before the vote if the country made a decision to leave.
It said recent actions taken by the Bank - including slashing interest rates to 0.25% from 0.5% in August - had helped support the financial system and keep bank funding conditions broadly stable. "But recently they have shifted to a more favourable direction", she said.
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