UK economic outlook has deteriorated, Bank of England warns
But banks are well-placed to weather even a severe economic downturn, the Bank of England says. …
While the Bank said the UK’s banking sector was well-placed to cope with a severe downturn, it said banks must increase the amount of money they set aside to absorb shocks. Starting a year from now, banks will be required to set aside a sum equal to 2% of their assets as a buffer, as opposed to the normal 1%.
About The Author
