Bank of England says it has plan for Brexit ‘volatility’

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Bank of England says it expects market volatility after the Brexit vote but that the UK economy can handle it.

Speaking at a press conference, Bank of England governor Mark Carney says: “Inevitably, there will be a period of uncertainty and adjustment following this result.

“There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold.

“And it will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world.”

Carney added the Bank expects “some market and economic volatility” as those new relationships are struck.

He added: “But we are well prepared for this.  The Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have been in close contact, including through the night and this morning.

“The Bank will not hesitate to take additional measures as required as those markets adjust and the UK economy moves forward.”