BoE's Forbes: It will take longer to process the impact on the UK economy

Bank of England's MPC member Kristin Forbes is crossing the wires, via the Telegraph, noting that the central bank requires more evidence to cut rates.

Key quotes, via the Telegraph:

• The initial market reaction to the UK vote to leave the European Union was more panic than calm. UK-focused equities fell by 11pc in one day.
• Uncertainty may cause businesses to delay hiring and major new projects.
• Given the substantial uncertainty and likelihood that growth slows, there is a valid case to ease monetary policy to support demand.
• Thanks partly to the steps taken since 2008 to strengthen the financial system, market volatility has not been amplified.
• Unfortunately, easing monetary policy not only has benefits, but also costs.
• Until more hard data is available, I believe this is a good time to “keep calm and carry on.”