October 14, 2019 / 1:28 PM / a month ago

Don't rule out a BoE rate hike after a no-deal Brexit - Cunliffe

FILE PHOTO: Britain's Deputy Governor of the Bank of England Jon Cunliffe speaks during the Bank of England's financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady

LONDON (Reuters) - Bank of England Deputy Governor Jon Cunliffe said on Monday that people should not rule out the possibility that the British central bank might need to raise interest rates after a no-deal Brexit.

“What we do doesn’t always get reflected in what people think,” Cunliffe said in response to a question after a speech to the Society of Professional Economists, adding that some people had not expected the BoE would raise rates, as it has done, before any Brexit transition deal.

The BoE has previously said that rates might go up or down after a no-deal Brexit, depending on the effect on growth and inflation. But BoE Governor Mark Carney and some other top officials have said they thought it was more likely that rates would be cut in such a scenario.

Reporting by David Milliken; Writing by William Schomberg

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