BoE stress tests show UK banks are ready for 'deep' global recession

Lenders will withstand no-deal Brexit

Anna Fedorova
clock • 2 min read

The Bank of England's stress tests published on Wednesday revealed the UK's seven major lenders are ready to withstand both the fallout from Brexit and a more pronounced global recession.

British banks can breathe a sigh of relief after the publication of the Bank's stress tests results yesterday (28 November), having proven they can continue lending to the public even in the event of a major global downturn. In the Financial Stability Report, the Financial Policy Committee (FPC) headed up by Governor Mark Carney, said: "The UK economic scenario in the 2018 stress test of major UK banks was sufficiently severe to encompass the economic shock in the disorderly Brexit scenario. "Based on this, the FPC judges that the UK banking system is strong enough to continue to serv...

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