off-the-wire

Brexit hits to UK economy coming faster than expected: BoE's Broadbent

Kitco Media
By Reuters
Published:
Updated:
Reuters

LONDON, Feb 2 (Reuters) - The hits to Britain's economy from Brexit are probably appearing faster than expected, Bank of England Deputy Governor Ben Broadbent said on Thursday.

"Brexit ... has been something that has pulled down potential output in our country in our assessment for many years," Broadbent said at a news conference after the BoE raised interest rates to 4.0%.

"We've not changed our estimate of the long run effects but we've brought some of them forward. We think probably they're coming in faster than we first expected."

Reporting by Andy Bruce; Editing by Kate Holton
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