August 4, 2016 / 11:41 AM / 3 years ago

Rate cut and stimulus measures mark BoE's 'whatever it takes' moment -BBA

LONDON, Aug 4 (Reuters) - The British Bankers Association said Thursday’s rate cut and economic stimulus measures mark the Bank of England’s ‘whatever it takes’ moment, as it seeks to jumpstart a UK economy rattled by post-Brexit recession fears.

In a statement issued shortly after the UK central bank led by Mark Carney cut rates by 25 basis points to a record low 0.25 percent, the lobby group said the decision to cut sent a “clear signal” that policymakers were ready to use all available tools to support individuals and businesses.

“The decision to cut interest rates and increase quantitative easing sends a clear signal that the Bank of England is taking a ‘whatever it takes’ approach to stabilising the economy,” Rebecca Harding, BBA chief economist said.

“Weak post-Brexit data is creating a perception that the economy is likely to slow and the decision to reduce rates has been made on the basis of a perception of risk.” (Reporting By Sinead Cruise, editing by Andrew MacAskill)

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