Returning financial confidence, after the initial shock of the outcome, had been growing all week despite one of the most volatile weeks since the 2008 financial crisis. And the Bank of England Governor Mark Carney managed to inject some extra confidence into markets by promising Britain was tough enough to deal with the transition period. He also heavily hinted interest rates are set to be cut in the next couple of months to provide extra stimulus to the economy. It is expected the Bank's base rate will be cut from 0.5 per cent to 0.25 per cent in August.
Connor Campbell, financial analyst at Spreadex.com, said: "Considering we are exactly a week on from the Brexit referendum, and subsequent market panic, the fact that the FTSE has climbed all the way above 6500 for the first time since last August is staggering.”
The index may have been propelled to this 10ish month high by the governors promise of stimulus, including a rate cut but the impact such news has had on the value of sterling may not be such good news. If you are concerned about your financial planning we are here to advise.
Source: The Express
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