The Bank of England (BoE) is unable to prevent all disruption to financial services caused by the end of the Brexit transition period, despite considerable efforts to mitigate the impact, the bank's governor Andrew Bailey has warned.
In his opening remarks to the BoE's Financial Stability Report, published on Friday (11 December), Bailey said that while "most risks" to financial stability that could arise from disruption to cross-border financial services have been "mitigated", there remains unavoidable risks. The bank's FSR noted that financial sector firms are in their "final stages" of preparations for the end of the Brexit transition period on 31 December, and the mitigation of the lion's share of risks "reflects extensive preparations made by authorities and the private sector over a number of years". However...
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