BoE urges banks to ramp up no-deal Brexit preparations

Andrew Bailey
Andrew Bailey

The Bank of England has told banks they need to increase their efforts to prepare for the possibility that the UK fails to reach a trade deal with the European Union.

The UK avoided one Brexit cliff edge, as it left the EU on January 31 this year having struck a withdrawal agreement with the bloc. But that agreement was silent on the question of trade – including financial services – and a new cliff edge looms on December 31.

In a recent call with senior bankers, BoE governor Andrew Bailey

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