Bank of England warns of lending crisis for EU firms after no-deal Brexit

Stability report says about half of EU companies using UK-registered banks face being cut off

The Bank of England has sounded the alarm over the risks to City banks from no-deal Brexit, warning that companies across Europe could be cut off from their lenders overnight.

Threadneedle Street said the City of London was well prepared to withstand the shock of Britain crashing out without a deal at the end of October without failing as they did in the financial crisis. However, there would still be major disruption for companies.

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Read the original at Economics | The Guardian.