Bank of England poised to stem Brexit shockwaves
By Tokunbo Salako | With REUTERS

The Bank of England Governor Mark Carney has said its ready to intervene and provide additional help to prop up financial markets.

In a televised statement he said there will be a period of uncertainty and adjustment after the Brexit vote: “We are well prepared for this. The Treasury and the Bank of England have engaged in extensive contingency planning. The Bank will not hesitate to take additional measures as required as those markets adjust and the UK economy moves forward.

“As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than 250 billion of additional funds through its normal facilities.The Bank of England is also able to provide substantial liquidity in foreign currency, if required,” said Carney.

Investors are now bracing themselves for possible intervention from other central banks or finance ministries to restore stability and confidence in markets.

-- (c) Copyright Euronews 2016-06-24

“As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than 250 billion of additional funds through its normal facilities.The Bank of England is also able to provide substantial liquidity in foreign currency, if required,” said Carney.

hehehe

Difficult situation for all central banks.
In order to prevent the abrupt fall of the pound, you would have to buy pounds and pay with other currencies.
It will be difficult with these enormous UK trade deficit.

The Bank of England Governor Mark Carney has said its ready to intervene and provide additional help to prop up financial markets.

they are always quick to help the Banks and Financial Institutions,but sod the man in the street who might be struggling to pay his

mortgage,miss a few payments and they soon foreclose.

regards worgeordie

“As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than 250 billion of additional funds through its normal facilities.The Bank of England is also able to provide substantial liquidity in foreign currency, if required,” said Carney.

hehehe

Difficult situation for all central banks.

In order to prevent the abrupt fall of the pound, you would have to buy pounds and pay with other currencies.

It will be difficult with these enormous UK trade deficit.

We therefore have to wait and see as to whether 250 million will prove sufficient to prevent the GBP from falling to parity with the satang by the time the UK formally exits the EU in 2 years' time.

“As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than 250 billion of additional funds through its normal facilities.The Bank of England is also able to provide substantial liquidity in foreign currency, if required,” said Carney.

hehehe

Difficult situation for all central banks.

In order to prevent the abrupt fall of the pound, you would have to buy pounds and pay with other currencies.

It will be difficult with these enormous UK trade deficit.

We therefore have to wait and see as to whether 250 million will prove sufficient to prevent the GBP from falling to parity with the satang by the time the UK formally exits the EU in 2 years' time.

250 billion dude ! ( freshly printed er...typed into an account on a computer , like they have been doing for the last 8 years).

So the day after the supposedly tsunami of global crash and doom by the leave campaign. Well someone did a fart and there was a few bubbles. Hardly the waves come crashing down was it. I am glad I didn't get a bunker with supplies for the next 5 years. Life goes on as normal.

Unless you are UK expat relying on the exchange rate and your UK pension each month. It has just dropped at least 10% because of the poor exchange rate.

Life goes on?