BoE says banks can cope with Brexit and pandemic

Bank of England
Photo: Juno Snowdon Photography

The Bank of England says UK banks are sufficiently resilient to withstand a major economic downturn, even as the end of the Brexit transition and rising insolvencies due to Covid-19 loom.

In its latest financial stability report, published today (December 11), the BoE estimates banks have enough capital to absorb around £200 billion ($260 billion) of losses, far more than would be expected under its central forecast for the economy.

Based on a ‘reverse stress test’, the BoE estimates a shock

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