Arab Today, arab today bank of england issues new brexit warning
Last Updated : GMT 16:55:22
Arab Today, arab today
Arab Today, arab today

Bank of England issues new Brexit warning

Arab Today, arab today

Arab Today, arab today Bank of England issues new Brexit warning

The Bank of England announced it would make extra cash available to banks
London - AFP

Uncertainty surrounding Britain's looming referendum on European Union membership could send the pound slumping further and boost financing costs, the Bank of England warned Tuesday.

The central bank's Financial Policy Committee (FPC) declared that the risks surrounding the vote represented "the most significant near-term domestic risks to financial stability", echoing recent comments from BoE governor Mark Carney.

Britons are set to vote in a crucial referendum on June 23 to decide whether to back a so-called Brexit -- or exit from the European Union.

Uncertainty over the outcome could spark a "further depreciation" in sterling, the FPC warned in minutes from its March meeting, adding it could also adversely affect "the cost and availability of financing for a broad range of UK borrowers".

In late February, the pound had tumbled to a near seven-year low against the dollar on mounting fears that Britain could leave the 28-member EU bloc.

The FPC cautioned on Tuesday that the nation's potential EU withdrawal could "spill over" into the eurozone -- and weigh on the currency bloc's growth prospects.

It added that the outlook for Britain's financial stability had "deteriorated" since its previous meeting in November, citing increasing global economic risks and the threat of Brexit.

However, the FPC noted Britain's major banks had passed stress tests designed to show their ability to survive a severe economic shock, such as a sharp drop in sterling or a prolonged recession.

Earlier this month, the Bank of England announced it would make extra cash available to banks around the time of the referendum, in order to help overcome market turbulence and the risk of another credit crunch.

Carney had already warned on March 8 that Britain's departure from the EU would create the "biggest domestic risk" to the nation's financial stability.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of england issues new brexit warning Arab Today, arab today bank of england issues new brexit warning

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of england issues new brexit warning Arab Today, arab today bank of england issues new brexit warning

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday