Posted by AdviserDirect on 07/12/2019

UK banking system 'can withstand no-deal Brexit'

UK banking system 'can withstand no-deal Brexit'

The Bank of England says the British banking system is still resilient to the financial impact of a worst-case disorderly Brexit, even as the chances of a no-deal Brexit have increased in recent months.

In publishing its regular health check on the banks, the Financial Stability Report, the Bank said: “The perceived likelihood of no-deal Brexit has increased since the start of the year”.

It said that “material risks” of economic disruption from such a scenario remain, but that there had been “some improvement in the preparedness of of the UK economy for no-deal Brexit”.

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