Bank of England Governor Mark Carney has hinted that further cuts in interest rates and other measures will be needed in the wake of the EU referendum. 

Carney said he was confident in the U.K.’s ability to successfully adapt to a future outside the European Union but warned that growth will slow in the interim.

On the topic of a rate rise he said: “In my view, and I am not pre-judging the views of the other independent MPC members, the economic outlook has deteriorated and some monetary policy easing will likely be required over the summer,” Carney said in the speech to bankers and business leaders.

“The committee will make an initial assessment on 14 July, and a full assessment complete with a new forecast will follow in the August Inflation Report. In August we will also discuss further the range of instruments at our disposal.”

However he warned that cutting the interest rate below zero could “perversely” reduce the availability of credit.

Interest rates have been at 0.5% for more than seven years after they were slashed during the global financial crisis.