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THE Bank of England yesterday took steps to ensure British banks keep lending and insurers do not dump corporate bonds as it said the economic risks it warned of before the vote to leave the European Union had started to materialize.
The pound fell to a fresh 31-year low against the US dollar, hit by the suspension of trading in British real estate funds run by major investment firms, and there were other new signs of weakness in the economy.
The BOE, which is trying to offset the hit to the economy from the June 23 referendum result, said it would lower the amount of capital banks are required to hold in reserve, freeing up an extra 150 billion pounds (US$196 billion) for lending.
Governor Mark Carney said the BOE had warned in March that risks around the referendum posed the most significant near-term domestic risks to financial stability.
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