July 12, 2019 / 9:04 AM / a month ago

BoE could need to cut rates if Brexit uncertainty persists - Vlieghe

Bank of England Monetary Policy Committee Member, Gertjan Vlieghe speaks during a Reuters Newsmaker event in London, Britain July 12, 2019. REUTERS/Henry Nicholls

LONDON (Reuters) - The Bank of England could potentially need to cut interest rates to boost demand if Britain faces repeatedly extended Brexit deadlines and a slowing global economy, BoE policymaker Gertjan Vlieghe said on Friday.

Speaking at Thomson Reuters, Vlieghe also said that in a ‘no deal’ Brexit scenario, the BoE could need to cut interest rates to a record low below the 0.25% they sank to after 2016’s referendum to leave the European Union.

Reporting by David Milliken, editing by Andy Bruce

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