Pound fall a 'shock absorber' - BoE's Ben Broadbent
17th October 2016
The fall in the value of sterling has acted as an important "shock absorber" for the economy, according to Bank of England deputy governor Ben Broadbent.
He told BBC Radio 5 live that having a flexible currency was "extremely important" to cope with shocks.
"In the shape of the referendum, we've had exactly one of those shocks," he said, but added the Bank would not intervene to boost the pound's value.
Sterling has fallen nearly 20% against the dollar since the referendum.
On Monday it was trading at below $1.22 and €1.11, having fallen more than 5% in October...