The Bank of England says that the United Kingdom has made positive “progress” on handling the risks of disruption to financial services likely to be caused by Brexit. However, it adds that there has been a lack of similar action from the European Union—despite the impending March 2019 deadline.
In its latest bi-annual financial stability report, the Bank’s Financial Policy Committee (FPC) believes that the U.K. banking system “could support the real economy through a disorderly Brexit,” and that Brexit risks “do not warrant additional capital buffers for banks.”
