Commenting on the Bank of England’s decision to keep policy unchanged at the last meeting of the Monetary Policy Committee before the EU referendum, promising to “take whatever action is needed” following the outcome of the vote, Michael Martins, Economist at the Institute of Directors, said:
“Whatever the merits of the arguments for leave or remain, British businesses will be looking to the independent Bank of England for reassurance that it will do everything it can to maintain stability of the financial system in the build up to, and after, the referendum. The simple fact is that this vote means uncertainty for businesses, at least in the short-term. Our members will welcome the Bank’s commitment to take whatever action is needed, based on the outcome of the referendum and how this affects the pound, household consumption, business investment and unemployment.
“We have heard repeatedly from our members during the last few weeks that they feel neither campaign has provided them with reliable facts. At this time, the Bank of England, acting on its independent judgement, is hugely important to maintaining business and market confidence, whatever the outcome.”