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AFP
London
The Bank of England on Wednesday urged Britain’s retail lenders to prepare for the potential failure of EU-UK negotiations on agreeing a post-Brexit trade deal.
“The possibility that negotiations between the UK and EU over a future trading relationship might not conclude in a deal is one of a number of outcomes that UK banks need to prepare for over the coming months,” the central bank said in a statement.
Sky News had earlier reported that BoE governor Andrew Bailey had approached several banking executives to request that they accelerate their no-deal preparations.
“It is fundamental to the Bank of England’s remit that it prepares the UK financial system for all risks that it might face,” the BoE added on Wednesday. “In performing that role, the governor meets the leadership of UK banks on a very regular basis.”
Trade negotiators from Britain and the EU embarked on a fourth round of post-Brexit negotiations starting on Tuesday, but no-one in London or Brussels expects a breakthrough this week.
London
The Bank of England on Wednesday urged Britain’s retail lenders to prepare for the potential failure of EU-UK negotiations on agreeing a post-Brexit trade deal.
“The possibility that negotiations between the UK and EU over a future trading relationship might not conclude in a deal is one of a number of outcomes that UK banks need to prepare for over the coming months,” the central bank said in a statement.
Sky News had earlier reported that BoE governor Andrew Bailey had approached several banking executives to request that they accelerate their no-deal preparations.
“It is fundamental to the Bank of England’s remit that it prepares the UK financial system for all risks that it might face,” the BoE added on Wednesday. “In performing that role, the governor meets the leadership of UK banks on a very regular basis.”
Trade negotiators from Britain and the EU embarked on a fourth round of post-Brexit negotiations starting on Tuesday, but no-one in London or Brussels expects a breakthrough this week.
