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
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