(Vovworld) - The UK economy is facing a challenging period of uncertainty and adjustment after it voted to leave the European Union, said the Bank of England (BOE) and the Financial Policy Committee (FPC) in a announcement on Thursday.

UK Secretary of State Boris Johnson ina press conference in New York on September 22 (Photo: EPA/VNA)

In an earlier meeting, members of the FPC said the current outlook for financial stability in the UK is not good. Borrowing costs will rise and households will not be able to make debt repayments. Falling property prices and transactions at their lowest level since 2009 reflect uncertainty about the economic outlook following the Brexit vote.

Since the June referendum, the pound has fallen sharply, which helps the UK’s current account deficit but could lead to higher borrowing costs.