Speaking in parliament, Bank of England (BOE) deputy governor Cunliffe commented on the implications of Brexit as well as on the exchange rate.
Cannot rule out financial market instability as more news about Brexit comes
Contingency planning with other central bankers will continue
Underlying trend is lower GBP
No simple relationship between GBP fall and inflation increase
Declines to give view on whether market are right on pound
Not saying fin markets have ‘over or under-reacted’ to Brexit vote
Will be "painstaking process" to try to replicate current EU passporting process for banks
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