The United Kingdom will experience “a period when the confidence will go up and down” following the Brexit decision.
MOSCOW (Sputnik) — British economy will go through a period of uncertainty before settling during the country’s divorce from the European Union, Chancellor of the Exchequer Philip Hammond said Monday.
“We have to expect a period when the confidence will go up and down, perhaps on a bit of a roller coaster, until we get to a final agreement where businesses and consumers can understand what the future relationship between Britain and the European Union will be,” Hammond said in an interview on BBC Breakfast.
Hammond is set to address the UK economy’s future after Brexit in his speech later in the day at the Conservative Party Conference, which is taking place in Birmingham.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters decided to support Brexit.
Following the referendum, Bank of England revealed that economy had not slowed after the Brexit decision, but later pledged to undertake monetary measures to stimulate the UK economy amid a deteriorating outlook, and cut interest rates for the first time since 2009.