Bank of England Says Lenders Must Prepare for No-Deal Brexit
- Governor Andrew Bailey tells lenders to step up Brexit plans
- U.K. would have to request transition extension this month
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The Bank of England repeated that lenders should plan for the possibility that the U.K. won’t reach a deal with the European Union before the Brexit transition period is complete at the end of this year.
In a rare public statement on the talks, the central bank said Wednesday that a no-deal Brexit was “one of a number of outcomes that U.K. banks need to prepare for.” That followed a report that Governor Andrew Bailey held a conference call where he told banks to step up preparations for such an outcome.