BOE's Haldane: Material easing of UK monetary policy needed in August

Bank of England (BOE) Chief Economist Andy Haldane was on the wires via MNI last minutes, noting that the Brexit impact on the UK economy cannot be completely countered by monetary policy.

Key Quotes:

“’Material easing’ of UK monetary policy needed in August”

“UK likely to need a "package of mutually complementary monetary policy easing measures"

“Need to be mindful of potential adverse consequences of ever-larger doses of monetary medicine”

“EU referendum has "materially increased" uncertainty about UK recovery, likely to linger 2-3 years”

“UK economy unlikely to crash, but is likely to slow materially in quarters ahead”

“Weaker Sterling may cause UK inflation to overshoot 2 pct target in the period ahead”

“Risk of higher inflation becoming entrenched not particularly great”

“Strong sense UK firms will "trim and singe", not "slash and burn", hiring and investment plans“