BoE's Broadbent: pound's fall a 'shock absorber' after EU vote - BBC radio
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
LONDON (Reuters) - Bank of England Deputy Governor Ben Broadbent said the pound's fall after Britain voted to leave the European Union has acted as an important shock absorber for the economy, in a radio interview broadcast on Monday.
Sterling fell to its lowest level on record against a basket of currencies last week as investors became increasingly worried that Britain will lose its preferential trading terms with the EU - a so-called "hard Brexit".
"Having a flexible currency is an extremely important thing, especially in an environment when your economy faces shocks that are different from your trading partners," Broadbent told BBC Radio 5.
"In the shape of the referendum, we've had exactly one of those shocks. Allowing the currency to react to that I think is a very important shock absorber."
(Reporting by Andy Bruce; Editing by Kim Coghill)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Novartis CEO plays down prospects for Actelion bid: Blick
- Pence downplays significance of Trump's call with Taiwan president
- Sense of duty draws U.S. veterans to Dakota pipeline protest
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!