What did the Bank of England say about Brexit?

The Bank of England published minutes from its latest rate-setting meeting on Thursday, including what the Monetary Policy Committee (MPC) said about Brexit and what evidence they considered.

Central assumption

"The MPC’s latest central projections were also conditioned on the assumption of an immediate, orderly move to a comprehensive free trade agreement with the European Union on 1 January 2021."

Market concerns

"The sterling exchange rate index had fallen by around 2% since the previous MPC meeting, in part reflecting recent Brexit developments."

"Market contacts had also reported renewed concerns over recent Brexit developments."

From the August Decision Maker Panel: "Just under half of the respondents had ranked Brexit as one of the top three sources of uncertainty for their business."

Further discussion

"The Committee would consider economic issues relating to Brexit within the context of its wider forecast discussions ahead of the November MPC meeting."