Bank of England deputy governor Ben Broadbent claims the weakening value of the pound is aiding Britain's economic growth.

At a speech in London hosted by the Wall Street Journal, Broadbent said sterling's depreciation had 'supported the economy' by stimulating investment activity.

The Bank policymaker said there was 'little doubt' the country's economy had fared better than many analyst surveys expected after June's Brexit vote.

Post-Brexit growth: Bank of England deputy governor Ben Broadbent, pictured, claims the weakening value of the pound is aiding Britain's economic growth

Broadbent said the fall in the exchange rate helped support activity, 'cushioning the impact of greater uncertainty.'

He added: 'While that was expected, the effect could be coming through faster than we'd anticipated.'

The deputy governor's comments came as the pound slipped to a 31-year low against the US dollar, lingering below the $1.27 mark.

Against the euro, sterling has slipped to a five-year low and is currently down 0.14 per cent to €1.1343.

On activity in the housing market, Broadbent said the impact of June's Brexit vote 'may be more moderate than we feared.'

But, the Bank's policymaker remained cautious over Brexit's potential future impact, commenting: 'A lack of clarity about the UK's future trading relationships needn't result in visible, headline-grabbing closures of productive capacity.

'The effect is likely to be more insidious: decisions to expand, that might otherwise have been taken, are delayed.'

Axing rates: In August, the Bank cut UK interest rates from 0.5 per cent to 0.25 per cent

Giving one example, Broadbent said 'long term' investments, like new buildings, could be delayed as trading relationships become clearer over the new few years.

It could take around two years after Article 50 is triggered for the UK's newly formed trading relationships to become clear, he said.

In August, the Bank cut UK interest rates from 0.5 per cent to 0.25 per cent. This is the first time interest rates had been altered since March 2009.

At the same time, the Bank delivered a post-Brexit stimulus package, including an extension of quantitative easing.

'Not for the first time, the MPC’s decision to ease policy has been criticised by some for raising the deficits of defined-benefit (DB) pension funds.

'The liabilities of these funds – fixed future payouts to the pension beneficiaries – are discounted by a longer-term bond yield.