Bank policymaker says interest rate cut may not be needed.

BANK of England policymaker Martin Weale has questioned whether interest rates will need to be cut next month in a bid to bolster the UK economy following the Brexit vote.

Mr Weale, a member of the Bank's Monetary Policy Committee (MPC), said the Bank was "not a nurse to markets" and there were no signs that consumers or business were "panic-struck" following Britain's decision to leave the European Union.

The value of the pound stepped up following his comments, trading up 0.26% against the dollar at 1.322 US dollars.

The MPC defied predictions by keeping interest rates on hold earlier this month, but signalled action next month to boost the economy.