UK lenders do little to account for extreme weather risks – BoE paper

flooding

UK banks appear to be taking only “limited” action to incorporate climate change risks into their mortgage lending, research published by the Bank of England finds.

In High water, no marks? Biased lending after extreme weather, Nicola Garbarino and Benjamin Guin examine how lenders responded to the extreme flooding in the UK in the winter of 2013–14. They find valuations of affected properties changed little in response to the floods, and banks did not alter loan amounts. Some banks raised

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