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Bank of England warns of disruption to financial services once Britain leaves the EU
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mirror.co.ukThe Bank of England has spoken out on how Britain's exit from the EU will affect consumers from January 1 - warning it could lead to "some market volatility".
However it said banks are equipped to deal with shocks much worse than Covid-19 and will continue to lend. The country's biggest banks have enough capital buffers to get them through the crisis, after building them up since the 2008 financial crisis, the committee said.
It said lenders would be allowed to reduce their so-called countercyclical capital buffer - a type of rainy day fund - to 0% for at least another year.
This will give lenders confidence that they can reduce the buffer without then being required to jack it up when officials say so.
Read more on mirror.co.uk
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