BOE warns of no-deal Brexit risks
Print Edition
Europe’s financial system faces “potential risks” to its stability arising from a no-deal Brexit, the Bank of England warned yesterday, as it extended its weekly lending facilities to include euros.
With just 24 days to go until Britain is set to leave the European Union, the BOE said businesses and households across Britain and the EU were vulnerable.
The BOE said it had activated a swap line with the European Central Bank, which will provide euros in exchange for British pounds.
Brussels and London are furiously trying to steer away from a dreaded “no-deal” divorce that could wreak havoc on global markets.
The BOE warned that “some disruption to cross-border services is possible and, in the absence of other actions by EU authorities, some potential risks to financial stability remain.
“Although these would primarily affect EU households and businesses, they could also be expected to spill back to the UK in ways that cannot be fully anticipated and mitigated,” it added.
The BOE said it was further stepping up its lending facilities for commercial banks over the next few months.
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