The United Kingdom has done “all it can” unilaterally to cushion the blow of a no-deal Brexit for banks and financial firms, a Bank of England deputy governor has said. Sir Jon Cunliffe seemed to place the ball firmly back in the EU’s court, after suggesting that British authorities had made significant efforts through the likes of banking stress tests and a temporary permissions regime to prepare the financial sector for a cliff-edge exit.
The International Monetary Fund (IMF) has warned the government that accelerating house prices and low productivity pose the greatest threat to the UK's economic recovery. Rising property values could leave households more vulnerable to income and interest rate shocks.