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Bank of England to extend extra Brexit liquidity auctions until end of June

The Bank of England said on Tuesday it would continue until the end of June with weekly sterling money market operations that were designed to ensure smooth market conditions when Britain left the European Union.

Britain had been due to leave the EU on March 29, but Prime Minister Theresa May secured a delay after parliament rejected her exit plan.

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Britain is now due to leave on April 12, unless May breaks the deadlock or asks Brussels for more time.

“This is a precautionary step to provide additional flexibility in the bank’s provision of liquidity insurance over the coming months,’’ the BoE said.

“The bank will continue to monitor market conditions carefully and stands ready to take additional action if necessary,’’ it said. (NAN)