UK financial system faces severe sovereign risks: BoE survey

Bank of England

The risk of a high-impact event destabalising the UK financial system is at its highest level since the financial crisis began in 2008, with sovereign risk posing the biggest threat in the next 12 months, according to a survey published by the Bank of England on Tuesday.

The Bank's Systemic Risk Survey for the second half of 2011, which is based on responses from risk managers between September 20 and October 21, 2011, found 55% of respondents said probability of a high-impact event in the next 1

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