The independent MPC of the Bank of England has a hugely important role to play in maintaining monetary stability in this country. It has taken a range of steps to achieve this objective and continues to closely monitor the impact of this action.

The vote to leave the EU has created uncertainty for some, which will be followed by a period of adjustment as the shape of our new relationship with the EU becomes clear and the economy responds to that. It is right that monetary policy is used to support the economy at this time.

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