BOE's Cunliffe: Underlying trend is lower GBP

Speaking in parliament, Bank of England (BOE) deputy governor Cunliffe commented on the implications of Brexit as well as on the exchange rate.

Key Headlines:

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