The Bank of England launched its biggest stimulus package since the financial crisis yesterday and said it stood ready to make further interest rate cuts this year in an attempt to cushion a looming Brexit-induced downturn.
Mark Carney, BoE governor, said there was a “clear case for stimulus, and stimulus now” after a string of business surveys suggested the UK was heading for recession because of the uncertainty following Britain’s vote to leave the EU.
Mr Carney warned that despite the central bank’s “exceptional package of measures” — which included its first rate cut in more than seven years and a new £70bn bond-buying programme — 250,000 people were set to lose their jobs because of the economic shock.
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