Bank of England Tries To Make Brexit Transition As Smooth As Possible
The Bank of England's unleashing a big stimulus plan to deal with the financial blow caused by the EU referendum.By Matt Picht | August 4, 2016
The Bank of England's Gov. Mark Carney wasn't a fan of the Brexit referendum. But now that the U.K. has voted to leave the European Union after all, the bank is doing its best to make the transition as smooth as possible.
Carney announced Thursday the bank has slashed a key interest rate from 0.5 percent to a record-low 0.25 percent. He also unveiled a raft of other stimulus measures, including $131 billion of funding to help commercial banks cut their lending rates.