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Bank of England says Brexit transition desirable for UK, EU banks

Reuters India Wednesday, 9 August 2017 ()
LONDON (Reuters) - The Bank of England said a transition period after the Britain leaves the European Union would give banks more time to make orderly changes as Brexit poses risks to financial stability.
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News video: Brexit weighs on UK economy

Brexit weighs on UK economy 00:55

Interest rates in the UK have again been kept at their record low level of 0.25 percent. The Bank of England also cut its forecast for growth and wages, saying the impact of Brexit has dampened household spending power. Mark Carney, the Bank of England Governor, said: “As the Brexit negotiations...

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