UK to Revise Economic Policy in Case of Deteriorating Situation Amid Brexit

The United Kingdom will revise its monetary and fiscal policy in case of further deterioration of the economic situation amid the country’s leaving the European Union, Chancellor of the Exchequer Philip Hammond said on Friday, local media reported.

MOSCOW (Sputnik) – Philip Hammond emphasized that Brexit may have caused "some turbulence". 

"Of course we understand that the decision, particularly the unexpected nature of the (Brexit) decision, has caused some turbulence… But we have the tools necessary; in the short term the Bank of England will use the monetary tools at their disposal… Over the medium term we will have the opportunity with our Autumn Statement to reset fiscal policy if we deem it necessary to do so in light of data in the coming months," Hammond said at a meeting with business leaders in Beijing, as quoted by Sky News.

On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.

Earlier on Friday, the Markit Economics research company revealed in a report a dramatic deterioration of the British economy following the Brexit referendum.