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BoE pledges STG250b to prop up economy

dpadpa 24/06/2016

The Bank of England has pledged STG250 billion to prop up the British economy and will take additional measures as the decision to exit the EU unfolds.

Britain's central bank, the Bank of England, says it is ready to support the national economy with more than STG250 billion ($A489.52 billion) after the country voted in a referendum to leave the European Union.

Governor Mark Carney says in a statement on Friday that "some market and economic volatility can be expected as this process unfolds" and "the Bank of England stands ready to provide more than 250 billion pounds of additional funds through its normal facilities" to soften the impact.

The Bank of England "will not hesitate to take additional measures as required as markets adjust and the [British] economy moves forward," Carney adds, indicating that the so-called Brexit will have no immediate impact on everyday life.

"There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold. And it will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world," he says in the statement.

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