29 Jun '16, 1pm

Next steps for UK banks after #Brexit? Stabilise markets and prevent another bank-led crisis

Next steps for UK banks after #Brexit? Stabilise markets and prevent another bank-led crisis

Brexit and the banks: what next? Photo credit: Ray Wewerka June 29, 2016 // By: Josh Ryan-Collins Brexit has sent shockwaves through the UK’s financial sector and the City of London. Barclays, the Royal Bank of Scotland and Lloyds have all seen share price falls of over 25% since the vote last week. Steps were taken following the 2007–8 crisis to ensure banks were better capitalised. As Mark Carney recently made clear , the Bank of England is ready to step in with a huge injection of liquidity if there is any sign of a bank run. Nevertheless, this massive loss of confidence by investors in these three FTSE 100 companies shows how fragile our banking system remains. Our banks’ size and fragility are down to their location. The City of London is one of the world’s largest financial centres, the preferred location of large international banks because of a favorable regulatory...

Full article: http://www.neweconomics.org/blog/entry/brexit-and-the-ban...

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