British Banks Fit to Weather Brexit and Covid, BOE Says
- Bank of England says market disruption possible during EU exit
- Derivatives, particularly those used by EU clients, face rift
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Britain’s biggest banks are strong enough to weather the double-blow from the pandemic and Brexit, the Bank of England concluded in its latest health check even as it warned of disruption if the transition period ends without a deal.
The BOE said HSBC Holdings Plc, Barclays Plc and other major lenders have sufficient capital to absorb losses in the coming months and the U.K. financial system can cope with the fallout from Brexit even without a trade agreement.