Bank Of England Policymaker: Data Are 'A Lot Worse Than I Had Thought'

Many investors brushed off initial Brexit-related concerns following the country's vote in late June to leave the European Union. However, some of the first economic data points out of the United Kingdom may confirm the concerns are real.

The Bank of England said last week the central bank needs to see more evidence of a deterioration in the country's economy before taking action. According to Bloomberg, one of its policymakers is sounding the alarm bells.

Commenting on Markit's findings that there has been a "dramatic deterioration" in the economy, Bank of England's policymaker Martin Weale said the data was "a lot worse than I had thought."

Related Link: Bloomberg: Economists Expect Brexit Outcome Will Result In U.K.'s First Recession Since 2009

Weale added that "expectations have worsened sharply."

Weale and the Bank of England will gather on August 4 for a meeting and quantitative easing, stimulus measures and a lowering of interest rates are all policies that are very much on the table.

Weale also said Markit's findings are "very material" for any decision coming out of the meeting.

Bloomberg noted that investors are now pricing in a 95 percent likelihood the Bank of England will slash its key interst rate from 0.5 percent on August 4.