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Too soon to draw conclusions on Brexit's impact, says BoE's Broadbent

Staff Writer |
It was still too soon to draw conclusions about the economy's long-term path following the referendum vote, a top official at the Bank of England said.

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Speaking at the Wall Street Journal's offices in London, BoE deputy governor Ben Broadbent said the UK economy had performed "somewhat more strongly" after Brexit, yet it was too soon to draw conclusions about the longer-term outlook.

"There's little doubt that the economy has performed better than surveys suggested immediately after the referendum and, although we aimed off those significantly, somewhat more strongly than our near-term forecasts as well," the central banker said.

"The wiser course is to wait for the November Inflation Report (due to be released on 3 November), which gives us a good opportunity to reflect more systematically on the news since August, and what it implies - if anything - for the medium-term outlook."

Momentum in the domestic economy, the fast drop in Sterling's value and the so far gentle impact on the housing market explained the moderate impact thus far from Brexit on the economy.

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