November 29, 2016 / 12:25 PM / a year ago

BoE's monetary actions have helped stimulate economy -Hammond

LONDON, Nov 29 (Reuters) - Actions taken by the Bank of England have had a positive impact in stimulating Britain’s economy since the June 23 vote to leave the European Union, finance minister Philip Hammond said on Tuesday.

The BoE responded to the Brexit vote by cutting interest rates to record low of 0.25 percent in August and restarted its massive bond-buying programme for the first time since 2012.

“The Bank of England’s monetary actions have undoubtedly had a positive effect in stimulating the economy and actually the performance of consumer demand I think over the last few weeks has demonstrated that very clearly,” Hammond told parliament.

“We have got the key elements in place both monetary and fiscal for the circumstances we face, which is the potential for a more difficult period ahead.” (Reporting by William James and Kylie MacLellan; editing by Stephen Addison)

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