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BOE governor Mark Carney, almost the only British leader who seems to not be resigning at the moment, emphasised the challenges the UK economy will suffer in the post-Brexit world and cut the countercyclical capital buffer for UK banks to zero from 0.5%. The concerning Pavlovian response by markets last week as investors blindly bought up stocks believing that Brexit would result in more monetary stimulus displayed a carelessness about the greater economic consequences. Carney’s speech seems to have initiated the dawning of realisation of the longer-term impact of Brexit for many in the markets.
The pound dropped a further 2% against the US dollar overnight as it fell to its lowest level since 1985.