19:01 GMT +321 October 2019
Listen Live
    Britain's Chancellor George Osborne speaks at the Bank of England's Open Forum 2015 conference in London, Britain in this file photograph dated November 11, 2015

    UK Chancellor Says Banking Tools Will Ease Brexit Financial Shock

    © REUTERS / Suzanne Plunkett/Files
    Get short URL
    Britain Says 'Cheerio' to EU (463)
    0 44

    UK Chancellor of the Exchequer George Osborne said that banking tools will help British economy to pull out of the economic setback after the decision to leave the European Union.

    MOSCOW (Sputnik) Banking tools will help British economy to pull out of the economic setback after the decision to leave the European Union, UK Chancellor of the Exchequer George Osborne said on Monday.

    "We need to look at what we can do to support demand and credit in the economy. The Bank of England has many tools and the governor of the Bank has already indicated in this," Osborne said at the parliament's session, commenting on the investments prospects after Brexit.

    According to Osborne, the UK lending instruments have proven resistant to economic downturns.

    "The British Business Bank, which was a policy announced, I think by me, at this dispatch box is working successfully and I pay tribute to our Liberal Democrat colleagues in that government for helping us to deliver it. Of course, it has an important role to play going forward," he said.

    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.

    The referendum outcome has already caused turbulence in the UK economy. The Fitch Ratings and Standard & Poor's agencies downgraded the country's long-term financial risk rating to AA with a negative outlook, while the UK pound has plunged to the lowest level against the dollar since 1985.

    Britain Says 'Cheerio' to EU (463)


    Free Movement: Brexit Fallout Could See Swiss Lose Single Market Access
    Young Brits in Germany May Be Offered Dual Citizenship After Brexit Vote
    UK Prime Minister's Office Says Parliament to Play Role in Brexit Process
    Brexit, European Union, George Osborne, United Kingdom
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik