Bank of England News

UK Is Facing Messy, No-Deal Brexit, Warns Trade Secretary Fox

Prime Minister Theresa May’s ministers are ratcheting up warnings that Brexit talks risk ending in failure, with International Trade Secretary Liam Fox on Sunday predicting a messy split from the European Union. “The intransigence of the commission is pushing us …

Odds of No-Deal Brexit Are ‘Uncomfortably High,’ Warns BOE’s Carney

Mark Carney threw himself back into the thick of the Brexit debate on Friday, saying the chance of the U.K. dropping out of the European Union without a deal is “uncomfortably high.” The intervention suggests the Bank of England governor …

Insurers, Banks Warned to Prepare for Market Turmoil on Brexit Day

The Bank of England is war-gaming with lenders and insurers for potential market turmoil on Brexit day. Sam Woods, the central bank’s top supervisor, said contingency planning for Britain’s withdrawal from the European Union will be similar to its preparations …

Fewer Than 5,000 UK Financial Services Jobs Expected to Move by ‘Day One’ of Brexit

Fewer than 5,000 financial jobs might move out of Britain by “Day One” of Brexit and future relocations will depend on new trading terms with the European Union, Bank of England Deputy Governor Sam Woods said on Wednesday. “We have …

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who …

UK Financial Firms Need ‘Plan B’ for Inevitable Disruptions from Cyber Attack: BOE

Many U.K. financial firms don’t have a Plan B to fall back on if they’re hit by a cyber attack. The Bank of England wants to change that. Financial regulators told firms to come up with a detailed plan for …

EU Needs to Prevent Brexit Threat to Derivative Contracts: BOE’s Carney

Mark Carney warned that time is running out to remove the threat that Brexit poses to trillions of pounds of derivative contracts, stepping up pressure on the European Union to act. Unless the EU follows the U.K. government in putting …

U.K.-EU Brexit ‘Working Group’ Tasked with Fate of Insurance Policies

The European Central Bank and the Bank of England have been drafted in to study the threats that Brexit poses to financial services. Just don’t expect this “technical working group” to save the day. Brexit’s potential to disrupt trillions of …

Bank of England Will Soon Update Insurers, Banks on Latest Brexit Approach

The Bank of England said it would update banks and insurers next week on its approach to Brexit given that Britain and the European Union have now adopted a transition deal. “The Bank of England welcomes the EU Council’s conclusion …

UK Government, Regulators to Examine Potential Risks from Cryptocurrencies

Britain’s government and regulators will look in detail at the potential risks from cryptocurrencies like bitcoin, British junior finance minister John Glen said on Monday. Glen said there had been an “explosion of growth” in crypto assets like bitcoin, which …