LONDON: Bank of England rate-setter Gertjan Vlieghe said on Sunday he had already seen early signs that Britain's economy is heading for a period of slower economic growth and higher inflation after last month's Brexit vote.
Vlieghe, the only member of the Monetary Policy Committee who voted to cut interest rates this month, said he saw an immediate need to cut rates and that this should be supplemented with a package of extra measures next month.
"The precise implications (of the referendum result) for the economy are uncertain, although the general direction of travel is likely to be lower growth and higher inflation for a period, as a result of weaker demand, weaker supply and a lower exchange rate," Vlieghe wrote in an opinion piece in the Financial Times.
"Early indications from business and consumer surveys, as well as the findings of the BoE's own agents, support that assessment."
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