BOE's Carney: Monetary Policy Easing Likely Over The Summer

(RTTNews) - Following Britain's vote to leave the European Union, Bank of England Governor Mark Carney hinted at providing further stimulus in a speech on Thursday.

In remarks to business leaders, Carney said a material slowing in economic growth now looks likely to be the central forecast in reaction to the so-called Brexit.

Carney subsequently said the deteriorating economic outlook will likely require some monetary policy easing over the summer.

"The Committee will make an initial assessment on 14 July, and a full assessment complete with a new forecast will follow in the August Inflation Report," Carney said. "In August, we will also discuss further the range of instruments at our disposal."

Carney's remarks triggered a rally by stocks in the U.K., with the FTSE 100 Index surging up by 2.3 percent to a ten-month high.