Monetary policy can only offer a ‘short-term balm’ for the uncertainty facing Britain's economy in light of the vote to leave the European Union, the Bank of England's chief economist said. Andy Haldane said the Monetary Policy Committee was under no illusions that it could fully insulate Britain from the long-term effects of June's Brexit vote. Earlier this month the Bank of England cut interest rates to a new record low 0.25 percent and restarted its bond purchase program in response to signs Britain's economy has slowed materially since the shock vote to leave the EU.
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