Hammond says has the tools to respond to market turbulence

Reuters
Britain's new Chancellor of the Exchequer, Philip Hammond, waits to greet U.S. Treasury Secretary Jack Lew, at number 11 Downing Street in London, Britain July 14, 2016. REUTERS/Neil Hall

(Reuters) - Britain has the necessary tools to respond to the market turbulence sparked by last month's vote to leave the European Union, Chancellor Philip Hammond told a meeting of business leaders in Beijing.

In a TV clip aired by Sky News in Britain, Hammond said the Bank of England would also be using the monetary tools at its disposal.

"Of course we understand that the decision and particularly the unexpected nature of the decision on June 23 has caused some turbulence in markets," he said. "We have the tools necessary to respond to that in the short term, our colleagues at the Bank of England will be using the monetary tools at their disposal."

(Reporting by Kate Holton and Ana Nicolaci da Costa; editing by Giles Elgood)