12 minutes agoThe Bank of England's frightening warning: Prepare for a Crisis Storm
Periskopi(4 years ago)
(4 years ago)The Bank of England warned on Tuesday that economic prospects for Britain and the world have been dark since the beginning of the year and told banks to increase capital reserves to ensure they can weather the storm. International institutions, such as the International Monetary Fund and OECD, say Britain is more sensitive to [...]
International institutions, such as the International Monetary Fund and the OECD, say Britain is more sensitive to recession and inflation steadily higher than other Western economies, which are all facing global energy and goods market shocks.
“Global economic perspective has deteriorated significantly. Global financial conditions as a whole have been significantly tightened,” said Bank of England Governor Andrew Bailey, at a press conference after BoE published its six-month Financial Stability Report (FSR).
Developments about the war in Ukraine would also be key, BoE added.
British banks were well placed to cope with even a serious economic downturn, the central bank said, though it said their capital reports were still strong, though they were expected to drop a little in the next quarter.
