Bank of England warns EU over £41tn Brexit hit to financial markets


In its strongest warning to the EU over £70tn of financial contracts, the Bank of England today
said how the bloc had made only limited progress to protect the financial system and time was running out.

London and Brussels have yet to agree on the terms of Britain’s departure from the bloc and their new relationship.

In a statement from its financial policy committee, the Bank said: “There has been considerable progress in the UK to address these risks, but only limited progress in the EU.”

“In the limited time remaining, it is not possible for companies on their own to mitigate fully the risks of disruption to cross-border financial services. The need for authorities to complete mitigating actions is now pressing.”

Less than six months remain before Britain is due to leave the EU.