Articles by Andy Bruce and David Milliken

Bank of England to Issue Rules for How Banks, Insurers Should Manage Climate Risk

The Bank of England will soon spell out how it wants banks, insurers and investment companies to manage the financial risks from climate change, Governor Mark Carney said on Thursday. The central bank under Carney has been vocal in highlighting …

UK Corporates Readying for ‘Hardest of Brexits’: Deloitte Survey

Major British businesses’ appetite to take on financial risk has fallen to its lowest level in nearly a decade due to fears of “the hardest of Brexits” and rising U.S. protectionism, a survey by accountancy firm Deloitte showed on Monday. …

No-Deal Brexit Could Be Worse for UK Economy than 2008 Financial Crisis: BoE

Britain risks suffering an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the European Union in a worst-case Brexit scenario in four months’ time, the Bank of England said on …

Hard Brexit Could Cost UK 6% of GDP, IMF Warns

Leaving the European Union without a transitional trade deal would cost Britain about 6 percent of GDP — roughly four years of economic growth — compared with staying in the bloc, the International Monetary Fund said on Wednesday. The IMF, …

Brexit-Related Uncertainty Begins to Hit UK Businesses: Surveys

Britain’s businesses are suffering from Brexit-related uncertainty as exports slow, recruitment difficulties mount and investment plans are scaled back, two surveys showed on Monday. The British Chambers of Commerce said its survey of 5,600 companies, the largest of its kind …

IMF Contends Failure to Reach Brexit Deal Will Shrink British Economy

Britain’s economy will shrink if it leaves the European Union without a Brexit deal and it will suffer some damage whatever terms it agrees, the International Monetary Fund said on Monday, challenging the promises of some Brexit supporters. The Fund …

Bank of England Governor Warns of Brexit Risks, Angering ‘Out’ Campaigners

Bank of England Governor Mark Carney said on Tuesday a vote by Britain to leave the European Union could hit the country’s $2.9 trillion economy and prompt some banks to move away from London’s global financial powerhouse. In his strongest …

ECB Head Sends Strong Signal Bank Will Act to Protect Euro Zone

European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the euro zone from collapse, sending a strong signal that inflated Spanish and Italian borrowing costs were in his sights. Fears about the euro …