News
Bank of England tells banks to step up plans for no-deal Brexit
In a conference call with bank chief executives on Tuesday, Bank of England governor Andrew Bailey said they should step up plans for a no-deal in trade talks between Britain and the European Union, according to Sky News.
The UK formally left the EU on 31 January but both sides need to agree on a post-Brexit trade deal during the transition period, which lasts until 31 December 2020.
Boris Johnson has ruled out seeking an extension to the transition period.
Any request for a one-year or two-year extension needs to be lodged by the end of this month.
Sky reports suggest executives from Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland were on the call with Mr Bailey.
In a statement, the Bank of England said: “It is fundamental to the Bank of England’s remit that it prepares the UK financial system for all risks that it might face.
“In performing that role, the Governor meets the leadership of UK banks on a very regular basis.
“As we have said previously, the possibility that negotiations between the UK and EU over a future trading relationship might not conclude in a deal is one of a number of outcomes that UK banks need to prepare for over the coming months.”
There are 0 Comment(s)
Everything you wanted to know about ISAs…but were afraid to ask
The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...
Your right to a refund if travel is affected by train strikes
There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...
Could you save money with a social broadband tariff?
Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Five tips for surviving a bear market mauling
The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...
Money Tips of the Week
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.