BoE's Carney hints at summer rate cut

In a speech on the economic and financial implications of the Brexit vote, BoE Governor Mark Carney said he favors a rate cut “over the summer”, adding that an initial assessment of the economy would be made at the July meeting, and a "full assessment" alongside new forecasts for growth and inflation in August.     

Carney noted the Monetary Policy Committee  could take any steps needed to support the financial system. He noted that the BoE had other options, a hint at more QE.

He announced that the BoE will continue the longer-term liquidity auctions it launched ahead of the vote until September.  

He also expressed his confidence in the UK's ability to successfully adapt to a future outside the European Union, but stressed that it was the responsibility of political leaders to shape that future.