Bank of England promises GBP 250 bln to calm markets
Bank of England (BOE) Governor Mark Carney said the BOE will make GBP 250 billion of additional funds available through its normal market operations to stability markets, as needed, The Guardian reported.
Giving a statement this morning following the result of the EU referendum Carney said there will inevitably be a "period of uncertainty and adjustment following the decision to leave, but added that there will be no immediate change to our relationship with the EU," The Guardian writes.
Although he acknowledged that there will be some market and economic volatility as the process unfolds, he assured that "we are well prepared for this".
Carney said the Bank will assess economic conditions over the next few weeks and will consider any additional policy responses, according to the report.
According to Reuters, world stocks headed for one the biggest slumps on record on Friday as a decision by Britain to leave the European Union triggered 8% falls for Europe's biggest bourses and a record plunge for sterling.
Results showed a 51.9/48.1% split for leaving the EU.