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BoE chief economist urges post-Brexit monetary easing in August

Bank ofEngland Chief Economist Andy Haldane said a material easing ofmonetary policy needs to be delivered "muscularly" in August tosafeguard the economy from a downturn caused by the Brexit vote.

In an updated June 30 speech published July 15, Haldane said mostmembers of the BoE's monetary policy committee in its July meeting expectedmonetary policy to be loosened in August.

Haldane noted that although monetary policy cannot do everything tocounter the repercussions of the Brexit vote, it will play an important role inalleviating the effects of any deterioration in coming months and quarters.The central bank, however, should be cautious of the "adverse"consequences of "ever-larger doses" of monetary easing, he added.