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Bank of England: EU not doing enough to combat Brexit risks to financial services

Neil Hodge | June 29, 2018

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.”

The report said the passing of the EU Withdrawal Bill, coupled with the Treasury’s plans for a “temporary permissions” system for continuing cross-border financial trade, had eased the “risk of disruption.”

“Progress has been made in the UK towards mitigating risks of disruption to the availability of financial...

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