Thursday, January 12, 2017

Bank of England Governor: EU to Suffer Greater Losses From Brexit Than UK

The European Union may sustain greater financial losses than the United Kingdom if the two parties fail to negotiate financial terms of the UK withdrawal from the bloc, head of the Bank of England Mark Carney said Wednesday.

"I'm not saying there are not financial stability risks to the UK — and there are economic risks to the UK — but there are greater financial stability risks on the continent in the short term for the transition than there are for the UK," Carney said while giving evidence to the Treasury Select Committee, as quoted by The Independent newspaper.

EU entities, from household to governments, may suffer losses because they heavily rely on the lending provided by the UK banks, Carney underlined.

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