Pound tumbles after Bank of England hints at rate cut

Pound tumbles after Bank of England hints at rate cut

NEW YORK: The pound tumbled on Thursday after the Bank of England hinted at interest rate cuts to cushion the blow to the economy from Britain’s decision to quit the European Union.A week after the unexpected Brexit vote, BoE chief Mark Carney sought to reassure anxious financial markets that the central bank would take measures to counter the shock.”The economic outlook has deteriorated and some monetary policy easing will likely be required over the summer,” he said in a speech in central London.In reaction to the remarks, the British pound dropped 1.0 per cent against the US dollar to US$1.3314. It slid 0.9 per cent against the euro, at 83.40 pence per euro.”Carney has always been nervous about how Brexit would impact the UK economy,”…

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