Sun | Feb 25, 2018

Bank of England: We are ready with an extensive contingency plan

Published:Friday | June 24, 2016 | 1:48 AM
Vote Leave supporters celebrate as they walk through Parliament Square in London, Friday.
A man walks past a screen showing Hang Seng Index in Hong Kong, Friday. Global financial markets dived on Friday as British media forecast Britain to leave the European Union.

The Bank of England says it's ready to take "all necessary steps" to help keep Britain stable after voters chose to leave the 28-nation European Union.

The results of the vote Thursday have shaken global markets and caused the pound to tank, which will cause a slide in inflation, a major concern for the central bank.

Investors are also poised to dump British stocks as soon as the market opens in London on Friday.

The bank says Friday it had prepared with extensive contingency planning and "is working closely with HM Treasury, other domestic authorities and overseas central banks."

The bank says it will take "all necessary steps" to meet its responsibilities for monetary and fiscal stability.